~33% taxis off the road 7 days - insurance cancelled

[JAherbert]

Speaking on an RTHK programme, Cheng Hak-wo from the Taxi Dealers and Owners Association said.......... .......................it would be unreasonable if owners have to pay tens of thousands of dollars in new premiums, given that they had already paid Target.

Target took the money, then cancelled mid contract, that sets a poor precedent IMHO

https://news.rthk.hk/rthk/en/compone...0-20220105.htm

[mrgoodkat]

Target took the money, then cancelled mid contract, that sets a poor precedent IMHO

https://news.rthk.hk/rthk/en/compone...0-20220105.htm

Govt urged to help taxi owners over insurance saga

The new and improved Lego doesn't need the votes from the taxi association anymore.

[hullexile]

The new and improved Lego doesn't need the votes from the taxi association anymore.

It will depend how many of them or their friends are also taxi owners

[shri]

Update - seems inconsequential ... no clue.

The Insurance Authority on Friday announced that it has taken over the affairs and assets of Target Insurance (06161.HK) by exercising its power conferred by the Insurance Ordinance this morning, so as to maintain the market stability and protect the policy holders’ interests.

https://www.thestandard.com.hk/break...tion/4/185611/

[shri]

This is getting weird .. apparently there has been some discrete wealth transfer between connected companies / people. Cannot get a good translation to verify... and have not seen this reported in English media. Will keep an eye out..

According to sources, when the Insurance Regulatory Bureau investigated the flow of funds of about 1.2 billion yuan in Taiga this time, it found that the funds were deposited in a brokerage called NBL, and then transferred to a fund called Amber Hill ES Currency Arbitrage Fund SP. The Insurance Regulatory Commission asked him to transfer the funds back to the Taiga account, but it is reported that Taijia did not comply, which became the fuse of the takeover.

https://news.mingpao.com/pns/%E7%B6%...1641751750570/

and

Target Insurance (6161) executive director Lin Feng has gone to the Independent Commission Against Corruption claiming the company has been treated unfairly under the new management.

Lin argued that the Insurance Authority's takeover of the insurer is unfair and questioned whether Hong Kong is still a free economy.

Lin did not disclose the evidence he had but said he would elaborate more later.

The Insurance Authority announced last Friday that it had taken over the affairs and assets of Target Insurance by exercising its power conferred by the Insurance Ordinance so as to "maintain the market stability and protect the policy holders' interests."

https://www.thestandard.com.hk/secti...tion/2/237797/