The Hong Kong Insurance Authority (IA) has announced the appointment of Glen Ho and Ivan Chan from Deloitte Touche Tohmatsu as the new joint and several managers for Tahoe Life Insurance Company Limited, effective Dec. 17, 2024.
The new managers will work alongside Oliver Cheng from Deloitte Advisory (Hong Kong) Limited, who will continue in his existing role.
The new appointments were made under Section 38E(3) of the Insurance Ordinance (Cap. 41) following the resignations of Derek Lai and Forrest Kam on the same date.
The IA confirmed that the change in management will not affect the existing terms and conditions of policies issued by Tahoe Life.
Policyholders are advised to carefully assess their individual situations before taking any action, as life insurance products are structured for long-term maturity.
The IA first intervened in Tahoe Life’s operations in July 2024 under Section 35(2)(b) of the Insurance Ordinance.
At that time, Lai, Kam, and Cheng were appointed to oversee the company after several regulatory concerns were identified.
According to an IA spokesperson, supervisory measures have been in place since mid-2020 to protect policyholders. These actions were taken in response to ongoing challenges, including investments tied to related-party transactions.
The spokesperson further stated that Tahoe Life has not submitted its audited financial statements for both 2022 and 2023, despite the earlier appointment of advisors in August 2023 to provide strategic guidance.
“Given that its majority shareholders are embroiled in multiple debt proceedings, appointment of the managers is necessary to ascertain the latest financial and solvency position, preserve capital resources, and identify optimal recovery solutions in the best interest of policyholders,” the spokesperson said.
The IA noted that previous ring-fencing measures had been implemented to strengthen Tahoe Life’s ability to meet policyholder commitments.
The managers are tasked with maintaining business continuity, including premium collections, claims processing, and customer service.
Policyholders with concerns or inquiries can contact the managers directly by phone at 2238 7006 during office hours, Monday to Friday (excluding public holidays) between 9am and 12pm, and 2pm to 5:45pm, or via email at [email protected].
The IA reiterated that it remains focused on protecting policyholders’ rights while working to ensure that Tahoe Life’s operations continue smoothly under the new management team.
