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Dear Customers,
Dah Sing Bank, Limited (the "Bank") today announced its decision to terminate the Hong Kong Life Insurance Distribution Agreement ("Hong Kong Distribution Agreement") between the Bank, Tahoe Life Insurance Company Limited ("Tahoe Life") and Tahoe Services Limited ("Termination"), whereby the Bank will no longer act as Tahoe Life's insurance agent in Hong Kong to distribute the insurance products of Tahoe Life nor to provide insurance-related services as Tahoe Life's agent with immediate effect.
As the market is aware, there has been continued adverse publicity relating to Tahoe Life, its related companies and/or controllers over more than the past two years. In addition, Tahoe Life has ceased underwriting any new business since 8 February 2021, with sales currently suspended indefinitely. Following these developments and breaches by Tahoe Life of the Hong Kong Distribution Agreement, the Bank issued today to Tahoe Life a notice to terminate the Hong Kong Distribution Agreement with immediate effect. The Bank said that the decision was the result of a long and careful deliberation by the Bank taking into consideration the interests of all stakeholders concerned and, in particular, the fact that the Termination will not affect the terms of the existing Tahoe Life policies.
Tahoe Life, as an insurance company regulated in Hong Kong and Bermuda, should continue to fulfil its obligations under all insurance policies including protection, benefits, claims, underwriting and customer services. The Bank reiterates that the Termination will not affect the terms of existing Tahoe Life policies.
The Bank has been in close communications with Tahoe Life to ensure that Policyholders who are the Bank's customers ("Policyholders") will continue to be serviced. Policyholders may contact Tahoe Life directly for ongoing policy servicing. Meanwhile, the Bank will, to the extent allowed under relevant laws and regulations, provide assistance to Policyholders and answer their enquiries. Policyholders may contact the Bank via its branches or at the dedicated hotline and email listed below for assistance.
Dedicated Hotline: 2828 5422 (Mondays to Fridays, 9:00 am to 5:00 pm, excluding public holidays)
Dedicated Email Address: ins_enquiry@dahsing.com
Dah Sing Bank, Limited
8 July 2022