This is the first time the IA has appointed a consultant for an insurance company. The appointment of advisers is a further step taken to augment the internal controls and corporate governance of Tahoe Life for better safeguarding of policy holders, adding that it will "not affect daily operations of the company or impact on the terms and conditions of in-force policies.
Tahoe Life was acquired by Tahoe Investment for HK$10.6 billion in 2017 and failed to be sold at US$1 billion (HK$7.8 billion) in 2020 amid financial difficulties of its parent. It was prohibited by the IA from operating new business in 2021 and Dah Sing Banking also suspended its distribution agreement with it last year.
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