SATURDAY, JANUARY 3, 1987
3
INSURERS REGISTER SUCCESSFUL YEAR *****
ERMERAL
THE INSURANCE INDUSTRY IN HONG KONG HAD, IN GENERAL, ANOTHER SUCCESSFUL YEAR OF OPERATION IN 1986, THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID TODAY (SATURDAY).
THERE WERE NOTICEABLE INDICATIONS THAT INSURERS HAD MADE CONSCIOUS EFFORTS TO IMPROVE THEIR MANAGEMENT CONTROLS AND CONSOLIDATE THEIR RESOURCES, HE SAID,
APART FROM ACHIEVING A VERY SATISFACTORY GROWTH IN THE VOLUME OF BUSINESS IN THE DOMESTIC MARKET DURING THE YEAR, THE INSURANCE SECTOR HAD ALSO CONTINUED TO ENHANCE ITS ́REPUTATION AS AN IMPORTANT INSURANCE AND REINSURANCE CENTRE IN THE REGION.
MR GLEESON SAID OVERSEAS INSURERS CONTINUED TO SHOW VERY STRONG INTEREST IN THE INSURANCE MARKET IN HONG KONG.
THERE WERE 21 NEW APPLICATIONS FOR AUTHORISATION TO CARRY ON
OF THESE, INSURANCE BUSINESS IN OR FROM HONG KONG DURING 1986. 15 WERE FROM OVERSEAS INSURERS.
DURING THE YEAR, EIGHT INSURANCE COMPANIES WERE AUTHORISED, THREE INCORPORATED IN HONG KONG, AND ONE EACH IN BERMUDA, FRANCE,
OF THESE, FOUR ISLE OF MAN, SWEDEN AND THE UNITED KINGDOM, WERE AUTHORISED TO CARRY ON GENERAL BUSINESS, THREE FOR LONG TERM BUSINESS AND ONE FOR BOTH LONG TERM AND GENERAL BUSINESS.
THERE ARE 21 PENDING APPLICATIONS FROM NEW COMPANIES, THE MAJORITY OF WHICH ARE INCORPORATED OVERSEAS, INCLUDING THE UNITED KINGDOM (3), UNITED STATES (2), NETHERLANDS (2), AND AUSTRALIA (2).
MR GLEESON SAID THAT THE INSURANCE AUTHORITY WOULD CONTINUE TO LOOK VERY CAREFULLY AT ALL APPLICATIONS FOR AUTHORISATION TO ENSURE THAT ONLY INSURERS OF GOOD REPUTATION WHO HAD MET ALL THE CRITERIA UNDER THE INSURANCE COMPANIES ORDINANCE WERE ADMITTED,
DURING THE SAME PERIOD, THE AUTHORISATION OF SEVEN EXISTING AUTHORISED INSURANCE COMPANIES WAS WITHDRAWN, SIX BECAUSE THEY HAD CEASED WRITING INSURANCE BUSINESS IN OR FROM" HONG KONG, AND ONE BY REASON OF ITS GOING INTO VOLUNTARY LIQUIDATION.
THE WITHDRAWALS WERE ALLOWED ONLY AFTER SATISFACTORY ARRNGEMENTS HAD BEEN MADE FOR THE MEETING OF THEIR INSURANCE LIABILITIES.
AS A RESULT OF THE NEW AUTHORISATIONS AND WITHDRAWALS, THE NUMBER OF AUTHORISED INSURANCE COMPANIES OPERATING IN HONG KONG AT THE END OF THE YEAR WAS 288, COMPARED WITH 237 AT THE END OF 1985.
/OF THESE,