8
FRIDAY, NOVEMBER 1, 1991
"WHILE THE POWER TO OBTAIN INFORMATION
DOCUMENTS AND
UNDER HOLDERS, EXAMPLE,
TO
SECTION 34 IS EXERCISABLE IN THE GENERAL INTEREST OF POLICY OTHER POWERS ARE ONLY EXERCISABLE ON RESTRICTED GROUNDS FOR ON GROUNDS THAT THE INSURER HAS FURNISHED MISLEADING · INFORMATION THE IA, THE SPOKESMAN SAID.
"I
"THIS MEANS THAT THE IA CAN ONLY EXERCISE THE POWERS REACTIVELY," HE EXPLAINED.
INTERVENTIONARY
THE "IN ORDER TO PROVIDE BETTER PROTECTION TO POLICY HOLDERS +
EXTENDED, THE GROUNDS FOR TAKING OTHER INTERVENTIONARY ACTIONS IS SPOKESMAN SAID.
5 OF THE
BILL ENABLES
THE IA
ΤΟ
EXERCISE
"CLAUSE
THE INTERVENTIONARY POWERS ON THE GROUNDS THAT IT IS DESIRABLE TO DO SO IN THE INTEREST OF POLICY HOLDERS," HE SAID.
AMENDMENT RELATES TO
THE
EXEMPTION FOR UNITED AND FROM THE
THE FOURTH KINGDOM INSURERS FROM THE AUTHORISATION REQUIREMENTS REQUIREMENT TO SUBMIT FINANCIAL INFORMATION.
PURPOSE,
BECAUSE "SECTION 52 OF THE ORDINANCE HAS NOW BECOME REDUNDANT
HAS BEEN APPLYING THE SAME THE IA, FOR PRACTICAL AUTHORISATION CRITERIA TO ALL APPLICANTS, INCLUDING UK INSURERS. THE THE SPOKESMAN EXEMPTION
HAVE THEREFORE GROWN OUTDATED, PROVISIONS SAID.
ון
OF 52
THE ORDINANCE REQUIREMENTS
WHICH AND FROM
THE BILL SEEKS TO DELETE SECTION
FROM THE EXEMPTS UK INSURERS
AUTHORISATION REQUIREMENT TO SUBMIT FINANCIAL INFORMATION.
THE BILL IS EXPECTED TO
BE
COUNCIL ON NOVEMBER 13.
INTRODUCED INTO THE
LEGISLATIVE
MONETARY STATISTICS FOR SEPTEMBER PUBLISHED
*
HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS INCREASED
PUBLISHED DURING SEPTEMBER, ACCORDING TO STATISTICS (FRIDAY) BY THE MONETARY AFFAIRS BRANCH.
TODAY
CONSISTENT WITH THIS, HONG KONG DOLLAR MONEY
ROSE
SUPPLY ON ALL
DEFINITIONS
DURING THE MONTH. HONG KONG DOLLAR LOANS AND ADVANCES ALSO RECORDED AN INCREASE IN SEPTEMBER.
DEPOSITS
KONG HONG
DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS, ADJUSTED TO INCLUDE SWAP DEPOSITS, GREW BY 2.9% IN SEPTEMBER FOLLOWING INCREASES OF 1.7% AND 2.4% IN JULY AND AUGUST RESPECTIVELY.
/OF THESE