SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL : 27 APRIL 1988
He said:
Sir,
Insurance Companies Ordinance
Insurance Companies (Amendment) Bill 1988
I move that the Insurance Companies (Amendment)
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Bill 1988 be read a second time.
second time.
objectives.
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le
The Bill has three main objects> First, it
clarifies the rights and obligations of the Insurance
Authority on the disclosure of information to domestic and
overseas regulatory authorities. Secondly, it gives the
Authority a discretion to determine when conditions
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imposed at the time of authorisation of an insurance
company should be revoked. Thirdly, it empowers the Authority to withdraw authorisation where an authorised
insurer has ceased to carry on any class or part of any
class of insurance business.
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3.
There are currently no provisions in the
Insurance Companies Ordinance governing official secrecy
or the disclosure of information. The Insurance
Authority's position is therefore uncertain. For reasons
similar to those I gave when moving the second reading of
the Securities (Amendment) Bill a moment ago, this causes
problems for those involved on the regulatory side. So