THURSDAY, JANUARY 9, 1986
MR WU SAID THAT THE THEME OF THIS YEAR'S CONFERENCE WAS +MANAGING CHANGES IN INDUSTRIAL SOCIETY+ WHICH WOULD BE MOST RELEVANT TO HONG KONG, +FOR HONG KONG IS NOT ONLY UNDERGOING RAPID INDUSTRIAL CHANGES. IT IS ALSO EXPERIENCING POLITICAL CHANGES WITH THE IMPLEMENTATION OF THE SINO-BRITISH AGREEMENT OF HONG KONG'S FUTURE+.
+WHILE OUR POTENTIAL LEADERS OF THE FUTURE WILL BENEFIT THROUGH ACTIVE PARTICIPATION IN THIS IMPORTANT CONFERENCE, THEY WILL ALSO BE ABLE TO SHARE WITH DELEGATES FROM OTHER COMMONWEALTH COUNTRIES OUR EXPERTISE IN ADAPTING TO CHANGE WHILE SEEKING TO IMPROVE THE QUALITY OF HONG KONG'S NEARLY SIX MILLION PEOPLE AND PROVIDING THEM WITH THE FUTURE,+ HE SAID. ABOUT 300 DELEGATES REPRESENTING 51 COMMONWEALTH COUNTRIES WILL BE ATTENDING THE CONFERENCE.
BUSY YEAR FOR INSURANCE AUTHORITY
****
THE ADMINISTRATION OF THE INSURANCE COMPANIES ORDINANCE 1983 ENTERED INTO A NEW PHASE OF ITS DEVELOPMENT WITH THE INSURANCE AUTHORITY CLOSELY MONITORING THE OPERATIONS OF INSURANCE COMPANIES IN HONG KONG, THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID TODAY.
THIS HAD RESULTED IN 1985 BEING A VERY ACTIVE YEAR FOR THE INSURANCE AUTHORITY.
THE FINANCIAL POSITION OF EACH INSURER WAS EXAMINED TO SEE
HE IF IT MET WITH THE MINIMUM SOLVENCY AND OTHER REQUIREMENTS, SAID.
+THE EXAMINATION OF REPORTS AND ACCOUNTS OF THE INSURERS HAD BEEN FACILITATED BY THE MORE DETAILED RETURNS UNDER THE NEW DISCLOSURE REQUIREMENTS OF THE ORDINANCE.
+WHERE THE INSURANCE AUTHORITY DISCOVERED THAT AN INSURANCE COMPANY COULD NOT MEET THE STANDARDS REQUIRED OR THAT THERE WAS ANY CAUSE FOR CONCERN, APPROPRIATE INTERVENTIONARY ACTION WAS TAKEN FOR THE BETTER PROTECTION OF POLICY HOLDERS, MR GLEESON SAID.
DUR ING LAST YEAR, 14 INSURANCE COMPANIES WERE AFFECTED BY THE EXERCISE OF SUCH POWERS.
AT THE END OF 1985 THE INSURANCE DIVISION HAD AN ESTABLISHMENT OF 30 AND HAD MOVED TO NEW OFFICES ON THE 12TH FLOOR OF QUEENSWAY GOVERNMENT OFFICES.
/MM GLEESUK
+