THURSDAY, DECEMBER 16, 1982
INSURANCE FIRM'S AUTHORISATION TO BE REVOKED
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THE REGISTRAR OF COMPANIES HAS INFORMED UNITED OVERSEAS INSURANCE COMPANY LIMITED, A COMPANY INCORPORATED IN HONG KONG, THAT ITS AUTHORISATION FOR CARRYING ON FIRE AND MARINE INSURANCE BUSINESS IN HONG KONG WILL BE WITHDRAWN TOMORROW (FRIDAY).
A NOTICE TO THIS EFFECT WILL BE PUBLISHED IN THE GOVERNMENT GAZETTE TOMORROW.
THE ACTION IS BEING TAKEN UNDER SECTION 3A(5) OF THE FIRE AND MARINE INSURANCE COMPANIES DEPOSIT ORDINANCE (AS AMENDED BY THE FIRE AND MARINE INSURANCE COMPANIES DEPOSIT (AMENDMENT) ORDINANCE 1981), WHICH EMPOWERS THE REGISTRAR OF COMPANIES TO REVOKE SUCH AUTHORISATION WHERE IT APPEARS TO HIM THAT A COMPANY CARRYING ON FIRE OR MARINE INSURANCE BUSINESS IN HONG KONG HAS CEASED TO MAINTAIN AN EXCESS OF ASSETS OVER LIABILITIES OF AT LEAST $2 MILLION,
THE EFFECT OF THE REVOCATION WILL BE THAT UNITED OVERSEAS INSURANCE COMPANY LIMITED WILL NOT BE ALLOWED TO CARRY ON FIRE OR MARINE INSURANCE BUSINESS AS FROM THE SAID DATE.
AS TO THE EFFECT OF THIS ON EXISTING INSURANCE POLICIES, THE REGISTRAR OF COMPANIES HAS POINTED OUT THAT THIS ORDINANCE SPECIFICALLY PROVIDES THAT THE REVOCATION OF THE COMPANY'S AUTHOR ISATION WILL NOT OF ITSELF INVALIDATE ANY TRANSACTION ENTERED INTO PRIOR TO SUCH REVOCATION I.E, IN THIS CASE DECEMBER 17, 1982.
HE RECOMMENDS, HOWEVER, THAT POLICYHOLDERS SHOULD SEEK THEIR OWN PROFESSIONAL ADVICE ON THE EFFECT OF THIS ACTION ON THE IR
INSURANCE POLICIES.
NOTE TO EDITORS.
PRESS CONFERENCE ON TRAVEL AGENTS
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A PRESS CONFERENCE TO ANNOUNCE DETAILS OF THE GOVERNMENT'S POSITION WITH REGARD TO TRAVEL AGENTS WILL BE HELD TOMORROW (FRIDAY) AT 12 NOON IN THE GIS THEATRE, BEACONSFIELD HOUSE, 5TH FLOOR, QUEEN'S ROAD CENTRAL, HỌNG KONG,
IT WILL BE CHAIRED BY THE DEPUTY SECRETARY FOR ECONOMIC SERVICES, MR K.Y. YEUNG.