MONDAY, MAY 7, 1984
7
BUSINESS OF INSURANCE COMPANY SATISFACTORILY DISPOSED OF
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THE INSURANCE BUSINESS OF THE BANGKOK BRANCH OF CHINA UNDERWRITERS LIFE AND GENERAL COMPANY LIMITED HAD NOW BEEN SATISFACTORILY DISPOSED OF, MR NOEL M. GLEESON, REGISTRAR GENERAL, SAID TODAY (MONDAY).
HE ADDED THAT A WINDING-UP ORDER IN RESPECT OF THE COMPANY AND ITS WHOLLY OWNED SUBSIDIARY, KEI CHEONG HOME SERVICE LIFE INSURANCE COMPANY LIMITED, HAD BEEN MADE IN THE HIGH COURT.
MR GLEESON EXPLAINED THAT THIS WOULD ENABLE HIM TO FINALISE SOME MATTERS OF A MINOR NATURE, WHICH WERE STILL OUTSTANDING IN SINGAPORE, AND ALSO TO PROCEED WITH THE LIQUIDATION OF THE COMPANY AND ITS SUBSIDIARY IN HONG KONG.
THE LICENCE OF THE AGENCY BUSINESS IN MELBOURNE, AUSTRALIA HAD BEEN CANCELLED, AND THE ACCOUNT OF THE BALANCE DUE TO CHINA UNDERWRITERS WAS BEING NEGOTIATED WITH THE OTHER INSURANCE COMPANIES CONCERNED, HE SAID.
MR GLEESON ANNOUNCED THAT AN ORDER FOR THE WINDING-UP OF BEDFORD INSURANCE COMPANY LIMITED HAD ALSO BEEN MADE IN THE HIGH COURT TODAY ON HIS OWN PETITION AS INSURANCE AUTHORITY, AND HE WOULD NOW PROCEED WITH THE LIQUIDATION OF THIS COMPANY IN HIS CAPACITY AS OFFICIAL RECEIVER.
HE SAID HE SHARED THE CONCERN OF THE DIRECTOR OF LEGAL AID AND OTHERS THAT SEVERAL SUBSTANTIAL PERSONAL INJURY CLAIMS AGAINST SOME OF THE POLICY HOLDERS OF BEDFORD WOULD PROBABLY NOT BE PAID IN FULL.
MR GLEESON POINTED OUT THAT APPROACHES HAD ALREADY BEEN MADE TO THE MOTOR INSURERS' BUREAU TO SEE IF THE MIB SCHEME COULD BE EXTENDED TO COVER INSOLVENT INSURANCE COMPANIES.
FURTHER DISCUSSIONS ON THIS SUBJECT WITH THE INSURANCE INDUSTRY WOULD BE CONTINUED THROUGH THE INSURANCE ADVISORY COMMITTEE, HE ADDED.
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