16 August 2023
The Insurance Authority (IA) today (16 August 2023) invoked powers under Section 35(2)(a) of the Insurance Ordinance (Cap. 41) to appoint Mr Peter Whalley and Mr Peter Greaves of PricewaterhouseCoopers Limited as Advisors to support the Tahoe Life Insurance Company Limited (Tahoe Life) on a few specific areas that include management of assets and properties, investment strategy and declaration of benefits to policy holders.
“The appointment of Advisors is a further step taken to augment the internal controls and corporate governance of Tahoe Life for better safeguarding of policy holders. It will not affect daily operations of the company or impact on the terms and conditions of in-force policies,” an IA spokesperson said.
“The Advisor appointment is a constructive and forward-looking initiative by the IA, designed to protect the interests of policy holders. The Advisors will maintain open communication with both Tahoe Life and the IA from the outset of the appointment, aiming to extend support and contribute to an enhanced level of regulatory vigilance over the company,” Mr Peter Whalley said.
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