THURSDAY, MARCH 14, 1991
10
REGULATORY FRAMEWORK ESSENTIAL FOR INSURANCE INTERMEDIARIES
THE OFFICE OF A REGULATORY INTERMEDIARIES, A SPOKESMAN
THE INSURANCE INDUSTRY IS NOW WORKING CLOSELY WITH OF THE COMMISSIONER OF INSURANCE IN THE DEVELOPMENT FRAMEWORK FOR THE CONTROL OF
INSURANCE
FOR THE OFFICE SAID TODAY (THURSDAY).
OF INSURANCE A SUITABLE REGULATORY FRAMEWORK FOR THE CONTROL
AND BROKERS IS ESSENTIAL FOR INTERMEDIARIES WHICH ARE AGENTS
THE HONG KONG, CONTINUED HEALTHY DEVELOPMENT OF THE INSURANCE MARKET IN THE SPOKESMAN SAID.
IN
OF INSURANCE, ESTABLISHED THE OFFICE OF THE COMMISSIONER JUNE 1990 TO TAKE OVER THE RESPONSIBILITIES OF THE INSURANCE DIVISION
WAS DEPARTMENT,
PLEASED TO NOTE THE OF THE REGISTRAR GENERAL'S
BY MEASURES SELF-REGULATORY
THE INSURANCE DEVELOPMENTS REGARDING
AND POLICY INDUSTRY TO ENHANCE THE PROTECTION OF INSURANCE CLAIMANTS HOLDERS.
INSURANCE CLAIMS TO DEAL WITH CLAIMS UP то WAS ESTABLISHED IN FEBRUARY
THE OFFICE WAS ALSO PLEASED TO NOTE THAT THE COMPLAINTS BUREAU, AN INDEPENDENT RODY $250,000 BY INDIVIDUAL POLICY HOLDERS, 1990, THE SPOKESMAN SAID.
ACCORDING TO'
STATISTICS
RELEASED BY
THE OFFICE, FIVE NEW WERE AUTHORISED TO
INSURERS, ONE LOCAL AND FOUR OVERSEAS COMPANIES, CARRY ON INSURANCE BUSINESS IN OR FROM HONG KONG IN 1990.
"DURING THE SAME YEAR, A RESULT OF THEIR CESSATION SAID.
AUTHORISED 16 INSURERS CEASED TO BE OF INSURANCE BUSINESS,
'AS AT DECEMBER 31, 1990 THERE REPRESENTING OPERATING IN HONG KONG, DECEMBER 31, 1989," HE SAID.
OF
THE 262 AUTHORISED
INSURERS
AS
THE SPOKESMAN
WERE 262 AUTHORISED INSURERS NET DECREASE OF 11 SINCE
A
INSURERS,
123 WERE HONG
KONG
36
WERE
EIGHT
OVERSEAS,
IN BERMUDA, EACH OF CANADA, FRANCE
THE
INCORPORATED INCORPORATED. OF INCORPORATED IN THE UNITED KINGDOM, 27 IN USA, 10 IN JAPAN, SEVEN IN SWITZERLAND, AND FIVE IN AND SINGAPORE.
EIGHT APPLICATIONS FOR AUTHORISATION WERE RECEIVED YEAR, COMPARED WITH THREE FOR THE PREVIOUS (1989) YEAR.
DURING THE
PENDING APPLICATIONS BUSINESS AND THREE ΤΟ
AS AT DECEMBER 31, 1990 THERE WERE FOUR FROM NEW INSURERS, ONE RELATING TO LONG TERM GENFRAL BUSINESS, HE SAID.
-
"THE
INSURANCE
HAD AUTHORITY INTERVENTION ON 82 OCCASIONS DURING THE YEAR INSURERS, THE SPOKESMAN SAID.
EXERCISED
HIS
IN CONNECTION
OF POWER
WITH 37
/"TWO AMENDMENTS