8
MONDAY, OCTOBER 17, 1988
THE
GROUP, WORKING
WHILE
HE POINTED OUT THAT SUPPORT TO THE LAW REFORM COMMISSION'S RECOMMENDATION ON
HOWEVER RECOMMENDED OF INTERMEDIARIES,
MECHANISMS
THE
GIVING
BROAD
OF
A
THE CONTROL ADOPTION OF CODES BY INSURANCE COMPANIES AS
THE FIELD OF INSURANCE
PRACTICE PLUS ENFORCEMENT BETTER MEANS OF PROTECTING THE CONSUMERS IN CONTRACT LAW.
ARE IN GOVERNMENT
DO NOT WANT
WELL
TO
OF
AWARE
THE STIFLE ENTERPRISE
"WE OVER-REGULATION. WE INTERFERE IN THE FREE PLAY OF MARKET FORCES.
WANT NOT
A
"WE CERTAINLY DO
TO CREATE REGULATORY AGENCY WHICH WOULD ADD TO THE BURDEN UPON STRESSED.
OF DANGERS
OR UNDULY
COSTLY
LARGE AND
TAX-PAYERS," HE
MR NENDICK
PROVIDE ADEQUATE
THAT SAID PROTECTION
THE
GOVERNMENT
ALSO
THE CONSUMER FOR
HAD A AND TO
DUTY ENSURE
ΤΟ THE
INTEGRITY OF THE MARKET.
"OUR
IS
TO CREATE
AIM
THE CONDITIONS DEVELOPMENT OF THE INSURANCE MARKET IN HONG KONG.
FOR
THE
HEALTHY
"WE THUS WELCOME THE WORKING GROUP'S RECOMMENDATION AS IN THE RIGHT DIRECTION," HE SAID.
"THE APPROACH WE FAVOUR THEN
A STEP
LEVELS
IS FOR SELF-IMPOSED RULES FOR OF CONDUCT TO BE BACKED BY NECESSARY MINIMUM ACCEPTABLE
HE SAID. LEGISLATION LAYING DOWN BASIC REQUIREMENTS,
INCLUDE PROVISIONS IT IS ENVISAGED THAT THE LEGISLATION WOULD FOR THE LICENSING OF INDEPENDENT INTERMEDIARIES; MINIMUM STANDARDS OF
AND CONDUCT FOR EXPERIENCE
INDEPENDENT FINANCIAL RESOURCES,
OF SELF-REGULATING MARKET INTERMEDIARIES; AND STATUTORY RECOGNITION
MEMBERSHIP MEET THESE MINIMUM ASSOCIATIONS WHOSE REQUIREMENTS FOR
WOULD AUTOMATICALLY CONFER LICENSED STANDARDS AND WHERE MEMBERSHIP STATUS.
ROLE OF THOUGHT ΤΟ THE
HE SAID THE LEGISLATION WOULD ALSO NEED TO DEFINE THE AGENTS AND THE GOVERNMENT WOULD NEED TO GIVE CAREFUL PROPER RELATIONSHIP BETWEEN INSURER AND AGENT.
SEEK TO EXTEND THE
"IN OUR VIEW, THE LEGISLATION SHOULD NOT INSURER'S LIABILITY BEYOND THE EXISTING LAW OF AGENCY.
THE VOLUNTARY CODES OF
BODIES OF INSURERS,
"ANY EXTENSION SHOULD BE GOVERNED BY PRACTICE TO BE DEVELOPED BY THE REPRESENTATIVE MR NENDICK ADDED.
/HE SAID