WEDNESDAY, NOVEMBER 13, 1991
20
INSURANCE COMPANIES (AMENDMENT) BILL 1991 INTRODUCED
* * * * * *
WAS
PROVISIONS OF INTRODUCED INTO
A COMPOSITE BILL WHICH SEEKS TO REFINE EXISTING THE INSURANCE COMPANIES ORDINANCE IN FOUR AREAS THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
MR AFFAIRS,
DAVID AND ANNUAL
MOVING THE SECOND READING OF THE INSURANCE COMPANIES (AMENDMENT) BILL 1991, THE SECRETARY FOR MONETARY NENDICK, SAID THE FOUR AREAS WERE: TO ALLOW AUTHORISATION
ΤΟ RELIEVE GENERAL FEES TO BE PRESCRIBED IN SUBSIDIARY LEGISLATION; INSURERS FROM THE REQUIREMENT TO DEPOSIT TRADE SENSITIVE DOCUMENTS WITH THE REGISTRAR OF COMPANIES; TO EXTEND THE GROUNDS UPON WHICH
ACTION; AND TO INSURANCE AUTHORITY MAY TAKE INTERVENTIONARY PREFERENTIAL TREATMENT FOR UNITED KINGDOM INSURERS.
THE REMOVE
ON AUTHORISATION AND ANNUAL FEE, THE SECRETARY NOTED THAT: "SECTION 13(1) OF THE ORDINANCE SETS OUT THE FEE TO BE PAID BY AN INSURER UPON AUTHORISATION AND ANNUALLY THEREAFTER" AND "SECTION 59(B) REGULATIONS TO AMEND PROVIDES THAT THE GOVERNOR IN COUNCIL MAY MAKE SECTION 13 (1)".
"THIS IS AN INDIRECT AND CUMBERSOME WAY OF AMENDING THE LEVEL OF FEES, MR NENDICK SAID.
"WE PROPOSE, THEREFORE, THAT THE ORDINANCE
OF
SHOULD BE AMENDED SO THAT REFERENCES TO THE LEVEL
FEE ARE REMOVED TO SUBSIDIARY LEGISLATION WHILE THE PRINCIPAL LEGISLATION STIPULATES ONLY THE REQUIREMENT FOR THE PAYMENT OF FEES.
REGARDING THE
DEPOSIT
SAID
TE
OF DOCUMENTS WITH THE REGISTRAR OF COMPANIES, THE SECRETARY
AN INSURER WAS REQUIRED UNDER THE ORDINANCE TO SUBMIT TO THE INSURANCE
ACCOUNTS, STATEMENTS AND OTHER INFORMATION PRESCRIBED IN THE THIRD SCHEDULE.
AUTHORITY
HE WAS ALSO REQUIRED TO DEPOSIT A COPY OF SUCH THE REGISTRAR OF COMPANIES FOR PUBLIC INSPECTION.
DOCUMENTS WITH
THE
KONG
AMENDED IN MR NENDICK POINTED OUT THAT THE THIRD SCHEDULE was
REQUIRE GENERAL DECEMBER LAST YEAR TO
INSURERS TO SUBMIT TO INSURANCE AUTHORITY AN ADDITIONAL ANNUAL RETURN ON THEIR HONG BUSINESS.
THE
NEW
WITH
SUCH
THE GENERAL INSURERS HAD SUBSEQUENTLY REQUESTED THAT RETURN, CONTAINING TRADE-SENSITIVE DATA, SHOULD NOT BE DEPOSITED THE REGISTRAR OF COMPANIES, ALTHOUGH THEY HAD NO OBJECTION TO INFORMATION BEING RELEASED BY THE INSURANCE AUTHORITY ON AN AGGREGATE BASIS.
"WE SEE NO OBJECTION TO THIS REQUEST AND PROPOSE THAT THE ORDINANCE BE SO AMENDED, HE SAID.
tt
EXPLAINING THE INTERVENTIONARY ACTIONS OF AUTHORITY, MR NENDICK SAID THE ORDINANCE SET OUT THE POWERS OF THE AUTHORITY AND THE VARIOUS GROUNDS ON POWERS WERE EXERCISABLE.
THE INSURANCE
INTERVENTIONARY DIFFERENT
WHICH
/"UNDER SECTION