6
WEDNESDAY, NOVEMBER 15, 1989
"ONE
AN
EXHAUSTIVE
WAS PROBLEM
THAT DIFFICULT SINCE BANKS AND FINANCIAL NEW TYPES OF SECURITIES DOCUMENTS.
BE
DEFINITION WOULD INSTITUTIONS CONTINUALLY CREATE
A
RESTRICTIVE
DEFINITION
MIGHT
UNDERMINE
MR STOCK SAID.
"ANOTHER WAS THAT CERTAIN BUSINESS TRANSACTIONS,
WAS MERIT IN HE SAID THE ADMINISTRATION CONCLUDED THAT THERE
THE TERM "SECURITIES" ITS LEAVING THE BILL AS IT WAS. THUS GIVING EVERYDAY MEANING.
THIS APPROACH WOULD ALSO ALLOW KINGDOM JUDICIAL PRECEDENTS.
THE COURTS ΤΟ FOLLOW UNITED
DIFFICULTIES THAT HAVE
"FURTHERMORE. WE ARE NOT AWARE OF ANY ARISEN IN THE UNITED KINGDOM FROM THE ABSENCE OF A DEFINITION UNFAIR CONTRACT TERMS ACT 1977 OF THE TERM 'SECURITIES'.
IN THE
AND SHOULD "WE SHALL. OF COURSE. KEEP THE MATTER UNDER REVIEW
BEEN ENACTED AND BROUGHT ANY PROBLEMS ARISE ONCE THE ORDINANCE HAS
HE SAID. INTO EFFECT, WE WILL BE PREPARED TO RECONSIDER THE POSITION,
"
IP'S CONCERN OVER THE
MR STOCK SAID HE ACKNOWLEDGED ALSO DR EXCLUSION OF INSURANCE CONTRACTS FROM THE AMBIT OF THE BILL.
"THE ADMINISTRATION CONSIDERS IS A BETTER SOLUTION THAN LEGISLATION INSURANCE CONTRACT LAW.
THAT EFFECTIVE SELF-REGULATION
то THE PECULIAR PROBLEMS
OF
HAS
NOT
BEEN FRAMEWORK
ROUTE LEGISLATIVE THE "IT IS NOTEWORTHY THAT
SELF-REGULATORY FOLLOWED IN THE UNITED KINGDOM. INSTEAD. A HAS BEEN ESTABLISHED AND HAS WORKED WELL.
"I AM GLAD TO SAY THAT COMMENDABLE EFFORTS HAVE THE LOCAL INSURANCE INDUSTRY TO DEVELOP PROPOSALS FOR AND AN INSURANCE CLAIMS ESTABLISHED SOON.
COMPLAINTS
IS BOARD
BEEN MADE BY SELF-REGULATION
EXPECTED
TO BE
"THE
ADMINISTRATION
ENSURE THAT THE INTERESTS OF
IS
CLOSELY
MONITORING POLICY HOLDERS ARE
DEVELOPMENTS
TO
PROTECTED.
I
CAN
LEGISLATIVE
ITS OBJECTIVE. THE CHANGES TO CONTROL
CONFIRM THAT IF SELF-REGULATION FAILS TO ACHIEVE
ADMINISTRATION WILL CONSIDER MAKING INSURANCE MATTERS." HE SAID.
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