Hong Kong regulator seizes Target after insurer left taxis uninsured

Hong Kong’s insurance regulator has seized control of an insurer that is unable to continue its coverage of the majority of the city’s taxis, in the first enforcement of its seizure authority.All the assets and businesses of Target Insurance Company Limited were seized on Friday, in an enforcement aimed at “maintaining market stability and protecting policyholders’ interest,” according to Hong Kong’s Insurance Authority. Under the Insurance Ordinance (Cap 41), the regulator has a wide range of…

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