THURSDAY, MAY 10, 1990
19
PETITION FOR WINDING-UP OF ARMOUR INSURANCE COMPANY LIMITED
•
THE REGISTRAR GENERAL, MR NOEL GLEESON, IN HIS CAPACITY INSURANCE AUTHORITY, HAS TODAY (THURSDAY) PRESENTED A PETITION TO HIGH COURT FOR THE WINDING-UP OF ARMOUR INSURANCE COMPANY LIMITED.
AS
THE
AND
THE COMPANY WAS INCORPORATED IN HONG KONG IN FEBRUARY 1974 CARRIED ON GENERAL INSURANCE BUSINESS INCLUDING MOTOR VEHICLE, FIRE AND MARINE INSURANCE,
THE DATE FOR THE HEARING OF THE PETITION JUNE 11, 1990.
HAS
BEEN FIXED FOR
THE COURT HAS APPOINTED THE OFFICIAL PROVISIONAL LIQUIDATOR OF THE COMPANY.
RECEIVER TO BE THE
ARMOUR INSURANCE COMPANY LIMITED WAS ENGAGED MAINLY IN MOTOR INSURANCE BUSINESS WITH ABOUT 12,000 POLICY HOLDERS. MOTOR INSURANCE AND OTHER CLASSES OF COMPULSORY BUSINESS ACCOUNTED FOR APPROXIMATELY 90 PER CENT OF ITS PREMIUM INCOME.
THE COMPANY WAS REQUIRED BY THE INSURANCE AUTHORITY TO STOP WRITING ALL CLASSES OF COMPULSORY INSURANCE BUSINESS, INCLUDING MOTOR INSURANCE, AS FROM NOVEMBER 1989. .IT WAS SUBSEQUENTLY REQUIRED TO STOP WRITING ALL INSURANCE BUSINESS IN APRIL 1990.
WAS THE REGISTRAR GENERAL SAID THAT PETITIONING
NECESSARY TO PROTECT THE INTERESTS OF THE COMPANY'S POLICY HOLDERS. THE GROUNDS
PETITION, FOR THE WINDING-UP, AS STATED IN THE WINDING-UP
WERE THAT THE COMPANY HAD FAILED TO MEET THE SOLVENCY REQUIREMENT OF THE
WAS
TO NOT CONSIDERED
BE . INSURANCE COMPANIES ORDINANCE AND
IN A POSITION TO EFFECT THE RUN-OFF OF ITS LIABILITIES IN AN ORDERLY MANNER.
THE REGISTRAR GENERAL SAID THE INSURANCE AUTHORITY HAD ALREADY TAKEN INTO HIS CUSTODY THE MAJOR PORTION OF THE ASSETS OF THE COMPANY.
HE BELIEVED THAT THESE ASSETS, COUPLED WITH THE GUARANTEE FUND OF OPERATED BY THE MOTOR INSURERS' BUREAU, WOULD PROVIDE A HIGH LEVEL SECURITY TO POLICY HOLDERS AND OTHERS WITH INSURANCE CLAIMS AGAINST THE COMPANY.
IN ANOTHER STATEMENT MR GLEESON, IN HIS CAPACITY AS OFFICIAL
THE RECEIVER, INDICATED THAT AFTER
OFFICIAL RECEIVER'S OFFICE HAD COMPLETED ITS REVIEW OF THE AFFAIRS OF THE COMPANY, HE WOULD DECIDE
BE WHAT FURTHER ACTION SHOULD
TAKEN TO PROTECT THE INTERESTS OF POLICY HOLDERS, CLAIMANTS AND CREDITORS.
ANY POLICY HOLDERS AND OTHER CREDITORS OF THE COMPANY WHO HAVE
POSITION IN THIS QUERIES REGARDING THEIR POLICY OR
WIND-UP SHOULD CONTACT THE REGISTRAR GENERAL'S DEPARTMENT (OFFICIAL RECEIVER) ON TEL. 867 3559 DURING OFFICE HOURS.
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