Notice - Tahoe Life Insurance Company Limited (2024-07-26)

Summary

This notice announces that the Bermuda Monetary Authority has commenced winding up proceedings in the Supreme Court of Bermuda against Tahoe Life Insurance Company Limited, a Class E insurer, under Section 35 of the Insurance Act 1978 and the Companies Act 1981. It is an informational notice, not a rule imposing ongoing compliance requirements on the wider industry.

• Court order: By Order of the Supreme Court dated 26 July 2024, joint provisional liquidators (JPLs) from Deloitte Financial Advisory Ltd, Deloitte Touche Tohmatsu, and Deloitte Advisory (Hong Kong) Limited were appointed over the Company.
• Purpose: The JPL appointment is intended to protect policyholders and preserve Company assets, not to wind up the Company at this stage.
• Coordinated action: 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 coordinated supervisory action to protect policyholders.
• Board status: The Company's Board of Directors remains in place and will work alongside the JPLs and Hong Kong Managers to protect policyholder interests.
• Contact: Parties with questions about the Company can contact the JPLs via the email address provided in the notice.

Applies to

Class E insurer, policyholders of Tahoe Life Insurance Company Limited