WEDNESDAY, APRIL 27, 1988
IT MIGHT ALSO BE DISCLOSED TO ANY PUBLIC OFFICER AUTHORISED BY THE FINANCIAL SECRETARY, THE COMMODITIES TRADING COMMISSION, THE FUTURES EXCHANGE, OVERSEAS REGULATORY AUTHORITIES AND OTHER ORGANISATIONS CONCERNED WITH THE SECURITIES AND COMMODITIES MARKETS, AND TO PROFESSIONAL AND SEMI-PROFESSIONAL BODIES SPECIFIED BY THE SECURITIES COMMISSION.
PROVISION WOULD ALSO BE MADE TO ALLOW THE DISCLOSURE OF NOTES AND INFORMATION OBTAINED BY INSPECTORS IN THE COURSE OF INVESTIGATION TO SPECIFIED PUBLIC OFFICERS AND BODIES.
TO ENSURE THAT PERSONS RECEIVING SUCH INFORMATION WOULD NOT FURTHER DISCLOSE WITHOUT THE CONSENT OF THE PROPER AUTHORITIES, MR JACOBS SAID A NEW PROVISION WOULD STATE THAT THE ORIGINAL RECIPIENT OF INFORMATION AND ANY THIRD PARTY MIGHT NOT DISCLOSE WITHOUT THE CONSENT OF THE SECURITIES COMMISSION OR COMMISSIONER AS APPROPRIATE.
A SUB-SECTION OF THE ORDINANCE WOULD ALSO BE AMENDED ΤΟ MAKE ANY SUCH UNAUTHORISED DISCLOSURE AN OFFENCE, HE SAID.
DEBATE ON THE BILL. WAS ADJOURNED.
OBJECTS OF INSURANCE COMPANIES BILL OUTLINED
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THE INSURANCE COMPANIES (AMENDMENT) BILL 1988 HAS THREE MAIN OBJECTS, THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MOVING THE SECOND READING OF THE BILL, MR JACOBS SAID FIRSTLY IT CLARIFIED THE RIGHTS AND OBLIGATIONS OF THE INSURANCE AUTHORITY ON THE DISCLOSURE OF INFORMATION TO DOMESTIC AND OVERSEAS REGULATORY
AUTHORITIES.
SECONDLY, IT GAVE THE AUTHORITY A DISCRETION TO DETERMINE WHEN CONDITIONS IMPOSED AT THE TIME OF AUTHORISATION OF AN INSURANCE COMPANY SHOULD BE REVOKED.
THIRDLY, IT EMPOWERED THE AUTHORITY TO WITHDRAW AUTHORISATION WHERE AN AUTHORISED INSURER HAD CEASED ΤΟ CARRY ON ANY CLASS OR PART OF ANY CLASS OF INSURANCE BUSINESS.
/MR JACOBS
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