Taiga Insurance (6161) was taken over by the Insurance Authority for investigation earlier this year due to violations and lack of governance.
"Hong Kong 01" was informed that the Insurance Regulatory Bureau had earlier received allegations that Zhang Yunzheng, the Chief Executive Officer of the Insurance Regulatory Bureau, had a suspected interest relationship with a former senior executive of Taiga.
Earlier, Zhang Yunzheng's "big character poster" appeared in many districts, mentioning the allegation.
It is understood that the Insurance Regulatory Bureau confirmed in writing that Zhang Yunzheng did not and will not participate in the investigation of Taiga in the future, and is following up the relevant report.
Zhang still represented the Insurance Regulatory Bureau last week after attending the International Association of Insurance Supervisors conference and global seminar in Croatia, but did not return to Hong Kong due to infection with the new crown virus.
The IA responded that the bureau had to keep confidential the content of the reports it received and its handling, so it could not comment on individual cases. It also pointed out that Taiga Insurance had earlier applied for a review of the bureau’s decision to appoint a manager to take over the company, and would not comment on it. further comment on the incident.
On January 7, 2022, Zhang Yunzheng presided over the press conference of the Insurance Regulatory Bureau, announcing the takeover and investigation of Taiga Insurance.
(File photo / Photo by Yu Junliang)
The Insurance Regulatory Bureau received two reports involving Zhang Yunzheng in April
"Hong Kong 01" was informed that the Insurance Regulatory Bureau received at least two reports in April, accusing its chief executive Zhang Yunzheng of having a suspected interest relationship with a former senior executive of Taiga, and having a conflict of interest in the investigation of Taiga Insurance.
A letter issued by the Insurance Regulatory Bureau on June 1 shows that Zhang Yunzheng "has not and will not" participate in the investigation of Taiga Insurance. The letter also stated that the Bureau is following up on the report.
According to a letter issued by the Insurance Regulatory Bureau on June 1, Zhang Yunzheng "has not and will not" participate in the investigation of Taiga Insurance.
The letter pointed out that the response was made by all members of the Insurance Regulatory Bureau other than Zhang Yunzheng; it also pointed out that the Bureau was following up on the report.
The letter was signed by Liu Congkai, Secretary-General of the Insurance Regulatory Commission, on behalf of the Board of Directors.
It is understood that the content of the report includes part of the text conversations between the former Taiga executives and others through communication software, which involve many conversations with interests; some screenshots of the conversations have been circulated on the Internet a month ago.
In the past six months, Zhang Yunzheng's "big character poster" has also appeared in the headquarters of the Insurance Regulatory Bureau in Wong Chuk Hang, Central, Sheung Shui and other districts. When referring to the accusation, some people even threw money at the scene.
"Hong Kong 01" obtained two documents, claiming to have been certified by a Singaporean lawyer and a local notary public, and the screenshots of the dialogue were obtained directly from the communication software.
▼The headquarters of the China Insurance Regulatory Commission and Sheung Wan were posted with big-character posters▼
Zhang Yunzheng was not suspended from work to fly to Europe and was diagnosed with new coronary pneumonia
Although Zhang Yunzheng was accused of accepting benefits, and the Insurance Authority's letter also stated that it was following up on the report, but it is known that Zhang Yunzheng was not suspended because of this, and he also attended events and spoke as the chief executive officer.
In mid-June, Zhang Yunzheng flew to Croatia to attend the International Association of Insurance Supervisors seminar held on June 16 and 17.
He did not return to Hong Kong due to infection with the novel coronavirus.
On June 17, 2022, Zhang Yunzheng (second from left), on behalf of the Insurance Regulatory Bureau, delivered a speech at the International Association of Insurance Supervisors seminar, and later contracted the new crown virus.
(IAIS LinkedIn)
Insurance Authority: Received reports must be kept confidential and cannot comment
"Hong Kong 01" once, through Mrs. Zhang Yunzheng, forwarded written questions to Zhang Yunzheng to inquire about the incident, but no reply was received before the deadline.
The reporter has also repeatedly contacted the former top executives of Taiga involved in the incident for a response, but has not received a reply.
The IA responded that the bureau must keep the contents of the reports received and their handling confidential, and could not comment on individual cases.
In accordance with the reporting policy and internal procedures of the Insurance Authority, the Internal Audit Team will report directly to the Board of Directors of the Insurance Authority or its Audit and Risk Committee as appropriate; if the reported matter involves criminal elements, the Internal Audit Team will, depending on the circumstances, report Decide if referral to law enforcement is required for further processing.
The bureau also pointed out that there are internal rules, requiring employees to make declarations when necessary, and to avoid conflicts of interest in the performance of their duties.
In addition, the Insurance Authority pointed out that Taiga Insurance (Holdings) Co., Ltd. had earlier applied for a review to the Insurance Appeals Tribunal on the decision of the Insurance Authority to appoint a manager to take over Taiga Insurance Co., Ltd., and the Bureau will not make further comments on the incident. .
The IA stated that the regulation and investigation of individual insurance companies are handled by the relevant regulatory departments (long-term business department or general business department) and the law enforcement department within the bureau according to the mechanism and powers formulated internally.
The board of directors of the IA is responsible for supervising the work of the IA.
In January this year, Lin Feng, the then executive director of Taiga Insurance, accused the Insurance Regulatory Bureau of making things difficult and unfair.
(File photo / Photo by Yu Junliang)
Taiga Insurance was taken over by the Insurance Regulatory Bureau involving 1.2 billion yuan of funds
At the end of last year, Taiga was accused of depositing about 1.2 billion yuan of funds into a separate account of Nerico Brothers Limited (NBL), an offshore securities firm.
It is alleged that the funds were later deposited into another offshore fund.
On January 7 this year, the Insurance Regulatory Bureau accused Taiga of violating statutory requirements in investment and market allocation, and lacked internal governance, and took over the company in accordance with the "Insurance Regulations".
At the press conference of the Insurance Regulatory Bureau on the same day, Zhang Yunzheng refuted the Taiga management for making things difficult for the Bureau, saying, "We are the most transparent when we do supervision, and how about making things difficult for people?" Zhang also pointed out at the time that all supervision work has laws and guidelines. IA staff are also regulated by the Prevention of Bribery Ordinance: "I have been personally regulated by this Ordinance for 37 years."
The then executive director of Taiga, Lin Feng, went to the North Point Independent Commission Against Corruption headquarters in the same month, saying that he wanted to report a certain regulatory agency and use public power to bully the group, but he refused to disclose whether the object of the report was the China Insurance Regulatory Commission.
"Hong Kong 01" obtained a document from the Insurance Regulatory Commission to Taijia Insurance on January 4 this year, stating that as early as October last year, Taijia Insurance had been asked to transfer more than 154 million US dollars (about 1.2 billion Hong Kong dollars) of assets from offshore private currency. The account was transferred back to the company's bank account. Taiga had provided documents stating that it had instructed the brokerage to transfer assets. The SFC found that Taiga then withdrew the instruction.
The Insurance Authority believes that the new evidence is a "blatant" violation of the instructions, and also reminds that non-compliance is a crime.
In 2017, Zhang Yunzheng was rumored to be a big hit for the Chief Secretary for Administration, but Zhang did not transition to the new government on the grounds of taking care of his elderly mother.
(File photo/Photo by Liang Pengwei)
Official to the director who used to be the director
Zhang Yunzheng, who was born in 1961, joined the government as an Administrative Officer (AO) in the 1980s. From 2006 to 2009, he was the Commissioner of the Insurance Industry. In 2011, he was appointed as the Commissioner of Customs by the Central Government. In 2015, he was promoted to the Secretary of the Civil Service.
In 2017, Lam Cheng Yuet-ngor was elected as the Chief Executive. At that time, it was widely rumored that Zhang Yun was the favorite of the Chief Secretary for Administration, but Zhang did not transition to the new government on the grounds of taking care of his elderly mother.
In 2018, Zhang Yunzheng was appointed as the Chief Executive Officer of the Insurance Regulatory Bureau, and will be re-appointed for another three years in 2020 until August 14, 2023.
Earlier, there were media reports that Zhang Yun was a popular candidate for the Chief Secretary for Administration in the next Li Jiachao government, but with the announcement of the new team, the rumors were self-defeating.
On January 7, the Insurance Regulatory Bureau held a press conference to explain the takeover of Taiga Insurance.
(File photo / Photo by Yu Junliang)
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