9
FRIDAY, FEBRUARY 10, 1989
AT
LEAST ONCE IN ONCE
TWO EVERY
THE BILL ALSO SEEKS TO REQUIRE AN INSURER ENGAGED IN LONG TERM
ACTUARIAL INVESTIGATION BUSINESS TO CARRY OUT AN
IS REQUIREMENT EVERY 12-MONTH PERIOD (THE YEARS),
CURRENT
AMENDMENT WAS OF SUCH INSURERS BY THE REPORT SUPPLIED
THE SPOKESMAN EXPLAINED THAT THE PURPOSE OF THE TO FACILITATE THE PRUDENTIAL SUPERVISION INSURANCE AUTHORITY WHO PLACED GREAT RELIANCE ON THE TO HIM BY THE INSURER'S APPOINTED ACTUARY.
THE OPPORTUNITY IS ALSO TAKEN TO AMEND THE ORDINANCE THE INSURANCE AUTHORITY TO EXERCISE ITS POWER UNDER SECTION THE GROUND SPECIFIED IN SECTION 26(3).
INSURER
THE
THE
TO ALLOW 34(1) ON
INSURANCE "UNDER SECTION 34(1) OF THE EXISTING ORDINANCE,
TO SUPPLY AUTHORITY IN EXERCISING ITS DUTIES MAY REQUEST AN
ORDINANCE ADDITIONAL INFORMATION NOT SPECIFICALLY REQUIRED UNDER
THE INSURER'S FINANCIAL IN ORDER TO ALLOW A BETTER UNDERSTANDING OF POSITION.
THE
INSURANCE AUTHORITY CAN "HOWEVER, AS THE LAW NOW STANDS, THE
SET OUT IN ONLY EXERCISE SUCH POWERS UNDER THE VERY SERIOUS GROUNDS SECTION 26(1) WHICH INCLUDE, FOR EXAMPLE, THE CIRCUMSTANCES WHERE INSURER IS IN THE OPINION OF THE INSURANCE AUTHORITY IN BREACH OF
ITS LIABILITIES, ORDINANCE OR RUNS THE RISK OF BEING UNABLE TO MEET THE SPOKESMAN SAID.
THE
PI
THE "CERTAINLY THESE GROUNDS CANNOT BE USED LIGHTLY. TO ENABLE
OUT ITS STATUTORY DUTIES MORE AUTHORITY TO CARRY INSURANCE
SECTION 34(1) CAN EFFECTIVELY, IT IS PROPOSED THAT THE POWERS UNDER ALSO BE EXERCISED
LESS STRINGENT
PROVIDED IN SECTION 26(3).
"THIS ALLOWS
UNDER THE
FOR THE
SPECIFIC
EXERCISE
BUT
OF SPECIFIC
POWERS
GROUND
IN
THE
++
GENERAL INTERESTS OF POLICY HOLDERS AND POTENTIAL POLICY HOLDERS.
BEEN HAS
THE INSURANCE ADVISORY COMMITTEE GENERALLY IN SUPPORT OF THE BILL WHICH IS EXPECTED INTO THE LEGISLATIVE COUNCIL ON FEBRUARY 22.
CONSULTED AND IS TO BE INTRODUCED
PHARMACY AND POISONS (AMENDMENT) BILL GAZETTED
*
THE PHARMACY AND POISONS (AMENDMENT}
BILL 1989 WAS
GAZETTED
TODAY (FRIDAY).
PHARMACY THE PROPOSALS IT CONTAINS WILL ENABLE A MEMBER OF THE
WHO HAS RESIGNED, OR WHOSE TERM AND POISONS APPEAL TRIBUNAL
HAS EXTENT NECESSARY FOR EXPIRED, TO CONTINUE TO ACT AS A MEMBER TO THE
APPEAL TO ITS CONCLUSION,
HEARING
AN OUTSTANDING
SPOKESMAN SAID.
A GOVERNMENT
/A PHARMACY
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