The Insurance Authority (IA) has publicly reprimanded Tahoe Life Insurance Company Limited and imposed a fine of $10 million, to be covered by the company’s shareholders’ fund, due to improper related party transactions conducted without prior consent from the IA between July 2019 and April 2020. These transactions involved Tahoe Group Global (Co.) Limited and raised concerns about governance and compliance. At the time of the violations, Mr. Huang Qisen and Mr. Ge Yong served as directors of Tahoe Life and are now deemed unfit for their roles, having already stepped down from their management positions. To protect policyholders, the IA has implemented several supervisory measures, including asset ring-fencing and enhanced internal controls, and appointed Joint and Several Managers to oversee the company’s operations as of July 26, 2024. Importantly, these disciplinary actions will not adversely affect policyholders of Tahoe Life.
Resources: https://www.ia.org.hk/en/infocenter/press_releases/20250902.html
