JPL Appointment - Tahoe Life Insurance Company Limited (2024-07-26)

Summary

This notice announces that the Bermuda Monetary Authority has obtained a Supreme Court of Bermuda order appointing joint provisional liquidators (JPLs) over Tahoe Life Insurance Company Limited, a Class E insurer, under Section 35 of the Insurance Act 1978 and the Companies Act 1981. The action is intended to protect policyholders and preserve the company's assets, not to wind up the company at this stage.

• Court order: By Order of the Supreme Court dated 26 July 2024, four named individuals from Deloitte entities were appointed as joint provisional liquidators of Tahoe Life Insurance Company Limited.
• Purpose: The JPL appointment is to protect policyholders and preserve company assets rather than to wind up the company.
• Cross border coordination: The appointment follows the Hong Kong Insurance Authority's appointment of Managers on 26 July 2024 to take full control of the company's affairs and property in Hong Kong, as part of a coordinated supervisory action.
• Board status: The company's Board of Directors is not removed and will work alongside the JPLs and Hong Kong Managers to protect policyholder interests.
• Contact: Parties with questions about the company going forward are directed to contact the JPLs via the email address provided.

Applies to

Class E insurer, policyholders of Tahoe Life Insurance Company Limited