THURSDAY, JANUARY 4, 198c
MR GLEESON SAID THERE WERE 17 NEW APPLICATIONS FOR AUTHORISATION TO CARRY ON INSURANCE BUSINESS IN HONG KONG DURING THE YEAR AND MOST OF THESE APPLICATIONS WERE FROM OVERSEAS INSURERS.
THE INSURANCE AUTHORITY HAD BEEN VERY CAREFUL IN PROCESSING THE APPLICATIONS AND WOULD ONLY ADMIT A NEW INSURER IF ALL THE CRITERIA FOR AUTHORISATION UNDER THE ORDINANCE WERE MET.
DUPING THE YEAR, NINE NEW INSURANCE COMPANIES WERE AUTHORISED (THREE INCORPORATED IN HONG KONG, FOUR IN THE U.K., ONE IN THE U.S. AND ONE IN BERMUDA).
OF THESE, FIVE WERE AUTHORISED TO CARRY ON GENERAL BUSINESS AND FOUR WERE ́ ́ AUTHORISED TO CARRY ON LONG-TERM INSURANCE BUSINESS.
DURING THE SAME PERIOD, THE AUTHORISATION OF SIX EXISTING INSURANCE COMPANIES WAS WITHDRAWN, FIVE BECAUSE THEY HAD CEASED WRITING INSURANCE BUSINESS IN OR FROM HONG KONG, AND ONE FOR GOING INTO VOLUNTARY LIQUIDATION.
THE WITHDRAWALS WERE ALLOWED ONLY AFTER SATISFACTORY ARRANGERENTS HAD BEEN MADE FOR THE MEETING OF THE IR INSURANCE LIABILITIES.
THERE WERE 287 AUTHRORISED INSURANCE COMPANIES OPERATING IN HONG KONG AS AT DECEMBER 31, 1985. OF THESE, 129 WERE INCORPORATED IN HONG KONG, AND THE REMAINING 158 WERE FROM 28 COUNTRIES, INCLUDING THE UNITED KINGDOM (48), THE UNITED STATES (31), BERMUDA (10), JAPAN (8), SINGAPORE (7), SWITZERLAND (7), CANADA (6), AND FRANCE (5).
THERE WERE 14 PENDING APPLICATIONS FROM NEW COMPANIES,
THESE INCLUDED MOSTLY FROM COMPANIES INCORPORATED OVERSEAS. FRANCE (3), U.S. (2), BERMUDA (2), NETHERLANDS (2), PHILIPPINES (1), SWEDEN (1) AND UNITED KINGDOM (1).
THIS REFLECTED OVERSEAS INSURERS' CONTINUED INTEREST IN HONG KONG'S INSURANCE MARKET, MR GLEESON SAID.
DURING THE YEAR TWO AMENDMENTS WERE MADE TO THE ORDINANCE FOLLOWING CONSULTATION WITH THE INSURANCE ADVISORY COMMITTEE.
THE INSURANCE COMPANIES (AMENDMENT) ORDINANCE NO. ⠀ OF 1985 WAS ENACTED ON FEBRUARY 7 AND THE INSURANCE COMPANIES (AMENDMENT) (NO. 2) ORDINANCE NO. 74 OF 1985 WAS ENACTED ON DECEMBER 19,
+ THE FIRST ORDINANCE INTRODUCED A NEW SECTION 58A WHICH EL IMINATES AN OLD PROVISION IN THE LAW WHICH WOULD HAVE RENDERED INVAL ID ALL THOSE GROUP LIFE POLICIES PROVIDING BENEFITS FOR GROUPS OF PERSONS WHOSE NAMES WERE HOT SPECIFIED IN THE POLICIES, + MR GLEESON SAID.
*
THE SECON