Insurance Authority appoints joint and several managers to take over Thai Ho Life in full, joining forces with Securities and Futures Commission to tackle regulatory breaches
證券及期貨事務監察委員會與保險業監管局聯手應對跨行業違規行為
The Insurance Authority announced on 26 July 2024 that it had appointed joint and several managers to take over the affairs and property of Thai Ho Life in full, while the Securities and Futures Commission and the Insurance Authority simultaneously joined forces to tackle suspected breaches in its investment portfolio. The Insurance Authority sought assistance from the Securities and Futures Commission in May 2020, and following an inspection the Securities and Futures Commission found that assets held by Thai Ho Life had been transferred into financial instruments connected with its mainland associated companies. In June 2021, the two took joint action against a licensed fund management company, the first such action since the signing of the Memorandum of Understanding in September 2020.
The announcement sets out the timeline from seeking assistance in 2020 to joint action in 2021, allowing verification of when the two regulators began collaborating and when the Memorandum of Understanding was signed.
Source: 保監局·新聞稿 · ia.org.hk