TABLE XI
Statutory Deposit Required
List of Deposits made with the Registrar General by Life Insurance Companies under the Life Insurance Companies Ordinance (Cap. 36) as at 31st March, 1956
Name of Company
Nature of Securities Deposited
Market Value
as at 31.3.56.
$
American International Reinsurance Co., Inc. Bombay Life Assurance Co., Ltd. China Hong Nin Life Insurance Co., Ltd.
50,000.00
50,000.00+
Fixed deposit with H.K. & S. Bank, H.K. £4,000 3% War Loan
50,000.00
47,040.00
200,000.00
Mortgage of M.L. 461 & I.L. 2865 to secure
$200,000.00
200,000.00
Home Security Life Insurance Co., Ltd.
200,000.00
Fixed deposit with H.K. & S. Bank, H.K. £5,500 34 War Loan
$ 3,000
64,680
Luk Hoi Tung Life Assurance Co., Ltd.
£4,900 3% War Loan
73.696
(No longer carrying on Life Assurance business)
£2,500 3% Defence Bonds
40,000
181,376.00
5,100.08*
Fixed deposit with H.K. & S. Bank, H,K,
6,000.00
National Insurance Co., Ltd.
50,000.00+
£3,300 3% Savings Bonds 1960/70
40,920.00
Occidental Life Insurance Co. of Californiea...
200,000.00
£12,500 Canada 31% Regd. Stock...
181,000.00
Sincere Life Assurance Co., Ltd.
200,000.00
Mortgage of I.L. No. 2980 to secure..
$200,000.00
200,000.00
Tai Ping Life Insurance Co., Ltd.
50,000.00
Fixed deposit with H.K. & S, Bank, H.K.
50,000.00
United States Life Insurance Co. in the
City of New York Ltd, West Coast Life Insurance Co.
200,000.00
200,000.00
$200,000 34% H.K. Govt. Rehab. Loan (1948) Fixed deposit with H.K. & S. Bank, H.K. £3,125 Fixed Deposit with H.K. & S. Baṇk, H.K, £5,000 31% War Loan
188,000.00
$59,975
50,000
58,800
Wing On Life Assurance Co., Ltd.
200,000.00
$10,000 31% H.K, Govt. Loan (1934).. Fixed deposit with H.K. & S. Bank, H. K.
9,350
178,125.00 200,000.00
$1,522,461.00
21
*Gross amount payable on outstanding Policies at last actuarial valuation, 31.12.51.
† Subject to augmentation in accordance with Sec. 3(2) of the Life Insurance Companies Ordinance.
(Sd.) W. ANEŢRIN JONES,
Registrar General. 3. 9. 56.
The above List has been examined in accordance with Colonial Regulation 257. I have obtained all the information and explanations that I have required, and I certify, as a result of this audit, that in my opinion the List is correct, subject to the following observations.
2. I have been informed by the Registrar General that action is being taken under Regulation 4 as he considers necessary in cases where the market value of securities at 31st March, 1956, was below the value at the date of deposit. In two cases, where the deposit is secured by mortgage, the company is being requested to replace mortgage by approved securities.
AUDIT DEPARTMENT,
Hong Kong, 12th October, 1956.
(Sd.) F. E. L. CARTER, Director of Audit,
MARINE DEPARTMENT