In accordance with the power conferred by section 35(2)(b) of the Insurance Industry Ordinance (Chapter 41), the Insurance Regulatory Authority appoints Deloitte Li Jiaen and Gan Zhongheng as joint and separate managers to take over all the affairs and assets of Taiga in order to maintain The stable operation of the market and the protection of the interests of policyholders.
A spokesperson for the Insurance Regulatory Authority said that in view of the unsatisfactory operating conditions and solvency of Taiga, the Insurance Regulatory Authority has previously imposed a series of additional regulatory requirements, including requiring the company to deposit legal deposits in the name of the Insurance Regulatory Authority and restricting the use of its assets. And deployment, etc.
The spokesman also pointed out that through supervision and collection of market intelligence, the Insurance Regulatory Commission found that Taiga’s investment activities and capital allocation may violate the statutory requirements under the Insurance Industry Ordinance (Chapter 41), and its corporate governance is also lacking. Therefore, it decided Exercising the power, appointing a manager to take over the company's affairs and assets to ensure the normal operation of its business, so as to maintain market stability and protect the interests of policyholders.
At the same time, the manager will conduct a detailed assessment of the financial situation of Taiga and submit the results to the Insurance Regulatory Bureau
The spokesperson continued that nearly 80% of the Taijia business has become auto insurance, involving about 10,000 taxis, and the rest is mainly employee compensation insurance. All businesses together account for 1.43% of the general direct insurance business market.
The protection clauses of the company's existing insurance policies will not be affected by this takeover.
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