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Taiga Insurance|The High Court orders the winding-up of the Insurance Regulatory Bureau, emphasizing that the existing insurance policies will not be affected and the claims can be renewed

2022-09-26T13:05:11.679Z


Taiga Insurance, which operates insurance businesses such as taxis and minibuses, was fully taken over by the Insurance Authority at the beginning of the year. The Insurance Authority subsequently filed a winding-up petition with Taiga Insurance in July this year. The High Court today (26th) ordered Taiga to bail


Taiga Insurance, which operates insurance businesses such as taxis and minibuses, was fully taken over by the Insurance Authority at the beginning of the year. The Insurance Authority subsequently filed a winding-up petition with Taiga Insurance in July this year.


The High Court today (26th) ordered Taiga Insurance to be wound up, and appointed Lai Kaen and Kam Chung Hang of Deloitte Touche Tohmatsu CPA firm as the joint and respective liquidators of Taiga.

The Insurance Authority stated that this move will ensure a seamless transition of Taiga's operations to protect policyholders and minimize the impact of Taiga's liquidation on the insurance market. In addition, all existing Taiga policies will not be subject to a winding-up order. Affected, policyholders can continue to apply for compensation to Taiga as usual.


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The Insurance Authority stated that all existing Taiga insurance policies will not be affected by the winding-up order, and policyholders can continue to apply for compensation from Taiga as usual. The Insolvency Compensation Fund, which continues to process claims for motor third-party and employees' compensation policies, respectively (estimated to account for about 94% of Taiga's liabilities).

Valid claims against Taiga's existing remaining policies, estimated to account for approximately 6% of Taiga's liabilities, will be dealt with by the liquidators as permitted by the relevant laws.

According to the liquidator's assessment, a statutory deposit of 250 million yuan deposited by Taiga in the name of the Insurance Regulatory Bureau, together with the assets expected to be cashed by Taiga, will be sufficient to pay the insurance claims.

Taijia Insurance filed a lawsuit against Zhang Dexi and other former executive directors on the grounds of violating due diligence The parent company of Taijia Insurance filed a lawsuit against former chairman Zhang Dexi for 1.2 billion yuan. The Insurance Regulatory Commission filed a liquidation on the same day. First response: There must be evidence Taijia Insurance | Insurance Regulatory Bureau filed a winding-up petition with Taijia Insurance Regulatory Bureau: Unexpired policies continue to take effect Deloitte: Taijia Insurance will suspend the renewal of policies due in August or later from now on. Ex-executive director Wu Yu and several companies seek $154 million

Source: hk1

All news articles on 2022-09-26

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