The Hong Kong Insurance Authority has publicly reprimanded Tahoe Life Insurance Company Limited and imposed a fine of $10 million, to be borne by its shareholders’ fund, in connection with unauthorised related-party transactions. The action relates to transactions carried out between July 2019 and April 2020 without the Insurance Authority’s prior consent and involving Tahoe Group Global (Co.) Limited. Two directors at the relevant time, Mr Huang Qisen and Mr Ge Yong, were assessed as no longer fit and proper persons and have already relinquished their key management roles. A range of supervisory measures has been put in place, including asset ring-fencing, tightened internal controls and investment restrictions, culminating in the appointment of Joint and Several Managers on 26 July 2024 to take control of the affairs, business and property of Tahoe Life. The Insurance Authority stated that policyholders will not be affected by the disciplinary actions.
Hong Kong Insurance Authority 2025-09-02
Hong Kong Insurance Authority reprimands Tahoe Life and imposes a $10 million fine over unauthorised related-party transactions
The Hong Kong Insurance Authority reprimanded Tahoe Life Insurance Company Limited and fined it $10 million for unauthorised related-party transactions with Tahoe Group Global (Co.) Limited between July 2019 and April 2020. Two directors, Mr Huang Qisen and Mr Ge Yong, were deemed unfit for their roles and have stepped down. Supervisory measures, including asset ring-fencing and tightened controls, ensure policyholders remain unaffected.