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.
The company, Hong Kong’s biggest taxi insurer, had recently informed taxi owners that it is mulling to revoke local taxi insurance policies after a seven-day notification period.
Last November 12, the company announced it would consider ceasing renewals of existing taxi insurance policies due to potential losses from a possible prolonged involuntary suspension of foreign currency activities and protecting its profitability.
As a result of the revocation, the industry projected that over 10,000 taxis across Hong Kong will be forced to cease operation within one week.
Last November 12, the company announced it would consider ceasing renewals of existing taxi insurance policies due to potential losses from a possible prolonged involuntary suspension of foreign currency activities and protecting its profitability.
As a result of the revocation, the industry projected that over 10,000 taxis across Hong Kong will be forced to cease operation within one week.