FRIDAY, JANUARY 18, 1985
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CHANGE OF GROUP POLICIES LAW SOUGHT
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A BILL WHICH SEEKS TO VALIDATE INSURANCE POLICIES TAKEN OUT FOR THE BENEFIT OF GROUPS OF UNNAMED BUT IDENTIFIABLE PERSONS WILL SOON BE INTRODUCED INTO THE LEGISLATIVE COUNCIL.
A GOVERNMENT SPOKESMAN EXPLAINED THAT UNDER THE EXISTING LAW, AN EMPLOYER WHO TAKES OUT A GROUP LIFE ASSURANCE POLICY TO COVER ALL HIS EMPLOYEES IS REQUIRED TO NAME ALL THE EMPLOYEES IN THE POLICY.
THIS IS INCONVENIENT AND OUT OF TOUCH WITH THE REALITY OF COMMON MARKET PRACTICE, HE SAID.
THE INSURANCE COMPANIES (AMENDMENT) BILL 1985 GAZETTED TODAY (FRIDAY) PROVIDES THAT THE LAW DOES NOT INVALIDATE A POLICY OF INSURANCE FOR THE BENEFIT OF UNNAMED PERSONS WITHIN A SPECIFIED CLASS OR DESCRIPTION, IF THE CLASS OR DESCRIPTION IS STATED IN THE POLICY AND ALL PERSONS WHO ARE ENTITLED TO BENEFIT AT ANY GIVEN TIME ARE IDENTIFIABLE.
THE PROPOSED AMENDMENT IS SUPPORTED BY THE INSURANCE ADVISORY COMMITEE, THE HONG KONG LIFE INSURANCE COUNCIL AND THE INSURANCE COUNCIL OF HONG KONG, THE SPOKESMAN ADDED.
THE BILL IS EXPECTED TO HAVE ITS FIRST READING ON JANUARY 23 AND ITS SECOND AND THIRD READINGS ON FEBRUARY 6.
PUBLIC COMMENTS MAY BE SENT TO UMELCO AT SWIRE HOUSE 12TH FLOOR, CHATER ROAD, CENTRAL OR THE SECRETARY FOR ECONOMIC SERVICES AT CENTRAL GOVERNMENT OFFICES, EAST WING, 6TH FLOOR, LOWER ALBERT ROAD, HONG KONG.
SALARY INDEXES FOR MANAGERIAL AND PROFESSIONAL EMPLOYEES
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THE OVERALL NOMINAL SALARY INDEX (A), MEASURING CHANGES IN AVERAGE SALARY LEVELS FOR THE MANAGERIAL AND PROFESSIONAL EMPLOYEES, LAST YEAR GREW BY 11.8 PER CENT OVER THE BASE YEAR IN JUNE 1983, TO 111.8.
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THIS IS SHOWN FROM THE FINDINGS OF A NEW SURVEY OF SALARIES AND EMPLOYEES BENEFITS (MANAGERIAL AND PROFESSIONAL EMPLOYEES EXCLUDING TOP MANAGEMENT) CONDUCTED BY CENSUS AND STATISTICS DEPARTMENT.
THE OVERALL