Ref. 'ECON 2/3231/47 X
Sir,
Government Secretariat
song Kong
3 January 1986
I am directed by the Governor to submit for the
signification of Her Majesty's pleasure an Ordinance
Enclosure No. 1
in
tuled:
"Insurance Companies (Amendment)
(No. 2) Ordinance 1985."
Enclosure No. 2
Enclosure No.
Enclosure No. 4
This Ordinance was passed by the Legislative Council on
the 18th day of December 1985.
2
་་་ In accordance with clause XXVIII of the Royal
Instructions, an explanatory report by the Law Draftsman
showing the reasons and occasion for passing the Ordinance
is enclosed.. A copy of the Gazette Supplement containing
the Ordinance is also enclosed, together with a copy of the
3111.
4 Enclosures
(each in duplicate)
I have the honour to be, Sir,
Your most obedient, humble servant,
(LI Wing)
for Chief Secretary
SECRETARY OF STATE FOR FOREIGN & COMMONWEALTH AFFAIRS
HONG KONG
LEGAL REPORT
Enclosure No: 2
THE INSURANCE COMPANIES (AMENDMENT) (NO. 2) ORDINANCE
1985
(No. 74 of 1985)
The object of this Ordinance is to amend the Insurance Companies Ordinance to improve the effectiveness of measures taken by the Insurance Authority to protect the interests of insurance policy holders or potential policy holders. In particular, it provides (in new section 35A) that the Insurance Authority may require an insurer under section 35 of the Insurance Companies Ordinance to make a bank deposit in the name of the Insurance Authority; and that no charge, of whatever nature, is to be created over such deposits. New section 35B requires accounts to be kept in respect of such deposits.
2.
Before the Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.
~2
January 1986.
And Trendy
Law Draftsman.
ATTORNEY GENERAL'S CHAMBERS,
HONG KONG.