Appointment of Inspectors
84. The Companies Ordinance provides that the Financial Secretary may in certain circumstances, e.g. upon application by a specified number or proportion of the members of a company, appoint one or more competent inspectors to investigate the affairs of the company and to report thereon in such manner as the Financial Secretary may direct. In Great Britain such authority is vested in the Board of Trade. Since such provisions were first included in the Companies Ordinance in 1963, two requests for appointment of an inspector have been received, one in respect of a company limited by shares and the other in respect of a company limited by guarantee. No inspector was, however, appointed in either case.
Insurance Companies
85. Local and foreign insurance companies which wish to transact life, fire or marine insurance business in Hong Kong must comply with the provisions of the Life Insurance Companies Ordinance and Fire and Marine Insurance Companies Deposit Ordinance respectively. In addi- tion to the filing of annual accounts, these Ordinances require deposits to be made with the Registrar of Companies unless the company qualifies for exemption by complying with the Insurance Companies Acts 1958-1967 in Great Britain, or in the case of fire and marine insurance by maintaining similar deposits elsewhere in the Common- wealth. The approval of the Governor in Council must be obtained for transacting motor vehicle third party risks insurance business. Part II of Table XI lists the Ordinances and subsidiary legislation relating to insurance companies.
86. Hong Kong is a great insurance centre, in which companies from all over the world compete with the local companies, old and new, for the large amount of business available. Since the only com- panies regulated by statute are those conducting life, fire, marine, and motor vehicle third party risks business, records are at present kept only of the companies conducting those classes of business. However, as there can be few companies which conduct only other classes of business, the records kept must include practically all companies. As at 31st March 1969 there were 207 insurance companies conducting the regulated classes of business. Table XVIII gives an analysis of these according to country of incorporation and class of business transacted. As will be seen from this 66 companies were
29