11
WEDNESDAY, DECEMBER 3, 1980
+THERE WERE SIGNIFICANT INCREASES IN BUSINESS TO A NUMBER OF MARKETS, FOR EXAMPLE ARGENTINA, CHILE AND CHINA, MR JEAFFRESON SAID.
HE EXPLAINED THAT IT IS IN THE NATURE OF THE INSURANCE BUSINESS THAT AN INCREASE IN BUSINESS TENDS TO BE ACCOMPANIED BY AN INCREASE IN CLAIMS.
IN 1979/80, ACTUAL CLAIMS AND PROVISIONS FOR CLAIMS AMOUNTED TO $16.3 MILLION, AN INCREASE OF 75 PER CENT OVER 1978/79. THE PROPORTION OF GROSS CLAIMS TO PREMIUM INCOME WAS 84 PER CENT, COMPARED WITH 58 PER CENT IN 1978/79.
THIS SIGNIFICANT INCREASE LED TO A MINOR UNDERWRITING LOSS OF $57 035, ALTHOUGH THE CORPORATION STILL HAD AN OVERALL SURPLUS OF APPROXIMATELY $4.5 MILLION, HE SAID.
TRADE DESCRIPTIONS BILL PASSED WITH AMENDMENTS
*****
THE TRADE DESCRIPTIONS BILL, DESIGNED TO GIVE CONSUMERS GREATER PROTECTION AND TO PROVIDE MORE STRINGENT CONTROL OVER FORGERY OF TRADE MARKS, WAS PASSED BY THE LEGISLATIVE COUNCIL WITH SEVERAL AMENDMENTS.
THE CHANGES WERE RECOMMENDED BY UNOFFICIAL MEMBERS OF THE LEGISLATIVE COUNCIL AFTER TAKING INTO CONSIDERATION REPRESENTATIONS FROM BOTH LOCAL AND OVERSEAS COMMERCIAL CONCERNS AND ORGANISATIONS, AS WELL AS THE LEGAL PROFESSIONS.
SPEAKING AT THE RESUMED DEBATE ON THE BILL, THE HON
O.V. CHEUNG SAID: THIS BILL WAS CONCEIVED AS A MEASURE FOR THE PROTECTION OF THE CONSUMER, BUT IT HAS BEEN RECOGNISED BY THE ADMINISTRATION THAT IT ALSO HAS A DUTY TO PROTECT PRIVATE PROPRIETORY RIGHTS, AND ARE OF THE OPINION THAT SUCH RIGHTS WILL BE AS WELL PROTECTED AS HITHERTO.
+ THE ADMINISTRATION HAS ASSURED US THAT IF SUCH PROGNOSIS BE IN SOME RESPECTS WRONG, IT WILL PROPOSE CHANGES IN THE LIGHT OF EXPERIENCE.+
MR CHEUNG POINTED OUT THAT THERE WAS SOME SERIOUS CONCERN THAT THE PROPOSED BILL WOULD BE LESS EFFECTIVE IN ITS ENFORCEMENT PROVISIONS THAN THE MERCHANDISE MARKS ORDINANCE WHICH IT IS GOING TO REPEAL.
+ IN PARTICULAR, THERE WAS CONCERN ON THE TRANSFER OF THE ENFORCEMENT POWER FROM THE POLICE TO THE TRADE, INDUSTRY AND CUSTOMS DEPARTMENT, BECAUSE IT WAS THOUGHT THAT THE EXISTING PRACTICE FOR SEARCH WARRANTS TO BE EXECUTED BY THE POLICE SHOULD BE MAINTAINED, AS THE POLICE HAD THE MANPOWER REQUIRED FOR SUCH OPERATIONS TO BE CARRIED OUT QUICKLY, AND IF NECESSARY, SIMULTANEOUSLY IN DIFFERENT LOCATIONS, HE SAID.
HOWEVER, UNOFFICIAL MEMBERS HAVE OBTAINED THE ASSURANCE FROM THE GOVERNMENT THAT THE TRADE INDUSTRY AND CUSTOMS DEPARTMENT WILL BE ABLE TO ACT SWIFTLY ON COMPLAINTS BEING MADE.
/THE NUMBER