WEDNESDAY, JULY 20, 1988
36
THAT
IT
"OUR CONCLUSION REMAINS, HOWEVER,
IS ENTIRELY APPROPRIATE TO FUND THE COUNCIL BY A LEVY ON EMPLOYEES' COMPENSATION INSURANCE PREMIUM AS THE WORK OF THE COUNCIL WILL HELP TO REDUCE THE NUMBER OF ACCIDENTS IN EMPLOYMENT, WHICH IN TURN HAS A DIRECT BEARING ON INSURANCE PREMIUM PAID,' HE SAID.
LATER IN THE COMMITTEE STAGE, MR WONG MOVED AMENDMENTS TO CLAUSES 13, 14, 15, 17 AND 24 WHICH, HE SAID, RESULTED FROM FURTHER CONSULTATION WITH THE INSURANCE INDUSTRY AFTER THE BILL WAS GAZETTED.
申申
"THE PROPOSED AMENDMENT TO CLAUSE 13 EXTENDS THE NOTICE PERIOD FOR SUBSEQUENT CHANGES TO THE RATE OF LEVY FROM 30 TO 60 DAYS, HE SAID.
"THIS WILL GIVE THE INSURANCE INDUSTRY THEIR CLIENTS."
AMPLE TIME TO NOTIFY
THE NOTICE PERIOD FOR THE FIRST RATE OF THE LEVY REMAINED UNCHANGED AT 30 DAYS AS THERE WOULD BE A FEW MONTHS GAP BEFORE THE LEVY PROVISION CAME INTO EFFECT.
ON CLAUSE 14, MR WONG SAID THE AMENDMENT MADE IT CLEAR THAT THE INSURER OR ITS AGENT HAD THE RESPONSIBILITY TO RECEIVE THE LEVY.
THE ORIGINAL REFERENCE TO INVOICES HAD BEEN DELETED AT TILE REQUEST OF THE INSURANCE INDUSTRY.
"THE PROPOSED AMENDMENT TO CLAUSE 15 INTRODUCES THE FIRST PART OF THE INSPECTION MECHANISM BY REQUIRING THE INSURER TO KEEP AND MAINTAIN PROPER RECORDS, AND TO SUBMIT AN ANNUAL CERTIFIED STATEMENT OF THE AMOUNTS OF PREMIUM AND LEVY RECEIVED," MR WONG CONTINUED.
"NEW CLAUSE 17 SET OUT THE BECOND PART OF THE INSPECTION MECHANISM WHÍCH ENABLED THE PROPOSED COUNCIL TO INSPECT THE RECORDS KEPT BY THE INSURER AND TO REQUIRE THE INSURER TO FURNISH FURTHER INFORMATION, IF NECESSARY, HE BAID.
H
"IN ORDER TO PROTECT THE CONFIDENTIALITY of THE COMMERICAL INFORMATION OF THE INSURER, BUB-CLAUSES 7 AND 8 PROHIBIT UNAUTHORISED DISCLOSURE EXCEPT FOR THE PURPOSES OF LEGAL PROCEEDINGS."
24, MR WONG SAID, WAS ΤΟ
THE PROPOSED AMENDMENT TO CLAUSE CREATE THE NECESSARY OFFENCES ΤΟ ENSURE THE INTEGRITY OF THE INSPECTION MECHANISM.
EXPLAINING THE CONCEPT BEHIND THESE AMENDMENTS, MR WONG THEY EMBODIED AN INSPECTION MECHANISM WHICH NOT ONLY ENSURED THAT LEVY WAS PROPERLY COLLECTED AND REMITTED TO THE PROPOSED COUNCIL, ALSO TOOK INTO ACCOUNT THE NORMAL BUSINESS PRACTICES OF INSURANCE INDUSTRY.
SAID
THE
BUT
THE
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