Insurance Authority appoints manager to take over Titan Insurance to protect policyholders' interests
保險業監管局委任經理接管泰加保險有限公司 以維持巿場穏定運作和保障保單持有人利益
On 7 January 2022, the Insurance Authority appointed a manager under the Insurance Ordinance (Cap. 41) to take over the affairs and assets of Titan Insurance in full. The Insurance Authority said Titan's investment activities and fund allocation may have breached statutory requirements; nearly 80 per cent of its business is motor insurance, involving about 10,000 taxis, accounting for a 1.43 per cent share of the general direct insurance business market, and the coverage terms of existing policies are unaffected.
The Insurance Authority explained that the takeover was due to Titan's investment activities and fund allocation potentially breaching statutory requirements, and listed its 1.43% market share and that existing policies remain unaffected, allowing readers to check their own situation.
Source: 保監局·新聞稿 · ia.org.hk