WEDNESDAY, FEBRUARY 22, 1989
2
"ON BALANCE WE CONSIDER THAT THE NEW REQUIREMENTS INTO EFFECT ON JANUARY 1, 1991 FOR EXISTING AUTHORISED JACOBS SAID.
SHOULD COMB INSURERS, MR
ENACTMENT
OF
THE
"NEVERTHELESS, FOR INSURERS AUTHORISED AFTER THE THIS BILL, THE NEW REQUIREMENTS WILL TAKE IMMEDIATE EFFECT.
MR JACOBS
THAT
OF OUT
UNDER SECTION 18 (1)
BUSINESS WAS ORDINANCE, AN INSURER AUTHORISED TO CARRY ON LONG TERM
BE MADE INTO THE CAUSE AN ACTUARIAL INVESTIGATION TO REQUIRED TO FINANCIAL CONDITION OF THE LONG TERM FUND ONCE EVERY TWO YEARS.
POINTED
THE INSURER CONCERNED WAS ALSO REQUIRED TO SUBMIT OF THE ACTUARY'S REPORT TO THE INSURANCE AUTHORITY.
"CLAUSE 4 SEEKS TO
INCREASE
AN ABSTRACT
THE FREQUENCY OF
WHICH MONTHS,
IS IN INVESTIGATIONS TO AT LEAST ONCE EVERY 12
NECESSARY WITH THE UNITED KINGDOM LEGISLATION AND IS REGARDED AS THE PURPOSES OF PRUDENTIAL SUPERVISION," MR JACOBS SAID.
SUCH LINE FOR
OF INTERVENTION, HR AS REGARDS GROUNDS FOR EXERCISING POWERS
AND 34(2) OF THE ORDINANCE, THE NOTED THAT UNDER SECTIONS 34(1)
AN INSURER TO INSURANCE AUTHORITY MIGHT REQUIRE
PROVIDE SPECIFIED INFORMATION AND TO PRODUCE SPECIFIED DOCUMENTS FOR INSPECTION.
A
BOTH POWERS MIGHT ONLY BE EXERCISED UPON THE SERIOUS GROUNDS SET OUT IN SECTION 26(1) WHICH INCLUDED
SUSPECTED BREACH OF THE ORDINANCE AND THE FAILURE TO MEET OBLIGATIONS UNDER THE ORDINANCE.
OF A
AND
IN AID LIGHTLY
OFTEN SIMPLE REQUEST FOR ADDITIONAL
THESE GROUNDS COULD NOT BE CALLED COULD NOT BE USED IN RESPECT INFORMATION, HE SAID.
"BY CONTRAST, THE WIDER POWER OF INSPECTION UNDER SECTION 34(2) GROUNDS UNDER SECTION MAY ALSO BE EXERCISED ON THE LESS STRINGENT
IS DESIRABLE IN THE 26(3) NAMELY, THAT THE EXERCISE OF SUCH POWER
OF EXISTING AND POTENTIAL POLICY GENERAL INTERESTS
MR
JACOBS SAID.
HOLDERS,
"THERE IS NO GOOD REASON FOR THIS DIFFERENCE OF TREATMENT.
TO
TO REMOVE THE ANOMALY AND TO ENABLE THE INSURANCE AUTHORITY
5 CLAUSE
PROPOSED THAT THE CARRY OUT HIS DUTIES MORE EFFECTIVELY, SPECIFIC GROUND IN SECTION 26(3) SHOULD ALSO APPLY TO THE POWER SECTION 34(1),
UNDER
"THIS NEW RESERVE POWER WILL BE USED JACOBS POINTED OUT.
ONLY SPARINGLY,
MR
"I BELIEVE THE INSURANCE AUTHORITY WILL IN THE
AT PRESENT, то
UPON OF CASES BE ABLE, AS
RELY CO-OPERATION OF THE INSURERS.
THE
VAST MAJORITY GOODWILL AND
||
DEBATE ON THE BILL WAS ADJOURNED.
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