27 July 2024
Further to the appointment of Managers 1 by the Insurance Authority (IA) on 26 July 2024 to take full control of the affairs and property of Tahoe Life Insurance Company Limited (Tahoe Life) in Hong Kong, the Bermuda Monetary Authority (BMA) today (27 July 2024) announced the appointment, by order of the Supreme Court of Bermuda dated 26 July 2024, of Mr Marcin Czarnocki of Deloitte Financial Advisory Ltd., Mr Derek Lai and Mr Forrest Kam of Deloitte Touche Tohmatsu, and Mr Oliver Cheng of Deloitte Advisory (Hong Kong) Limited 2 as the Joint Provisional Liquidators (the JPLs) of Tahoe Life 3 as a coordinated regulatory action with the IA to protect policy holders’ interests.
“Since Tahoe Life is incorporated in Bermuda, the IA has all along been coordinating with the BMA on any regulatory actions against Tahoe Life. The appointment of the JPLs serves to ring-fence the assets of (rather than to wind up) Tahoe Life for protection of the policy holders’ interests,” said an IA spokesperson. “The IA welcomes the JPLs appointment in Bermuda which operates in tandem with the work of the Managers in Hong Kong, both seeking to ascertain Tahoe Life’s latest financial and solvency position and identify and execute effective and optimal recovery solutions for Tahoe Life.”
Both the IA and the BMA are signatories to the International Association of Insurance Supervisors Multilateral Memorandum of Understanding (MMoU) on Cooperation and Information Exchange. The two regulators have been maintaining close collaboration under the MMoU framework, which is exemplified by this coordinated regulatory action.
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Notes:
1 For details please refer to the IA press release issued on 26 July 2024 .
2 Mr Derek Lai, Mr Forrest Kam and Mr Oliver Cheng are also appointed as the Managers of Tahoe Life by the IA with effect from 26 July 2024.
3 For details please refer to the BMA press release issued on 27 July 2024 .