21
WEDNESDAY, NOVEMBER 13, 1991
INSURANCE AND DOCUMENTS
26(3), THE "UNDER SECTION 34, AS READ WITH SECTION AUTHORITY MAY EXERCISE HIS POWER TO OBTAIN INFORMATION ON THE GROUND THAT HE CONSIDERS IT TO BE IN THE GENERAL POLICY HOLDERS TO DO SO," THE SECRETARY SAID.
HOWEVER, HE SAID OTHER POWERS OF
INTERESTS
OF
INTERVENTION UNDER SECTIONS
27 TO 33 AND 35 COULD ONLY BE EXERCISED ON MORE RESTRICTIVE GROUNDS.
FOR
ON GROUNDS
THAT THE
HAD INSURER
FURNISHED EXAMPLE,
AUTHORITY; OR THAT IT WAS MISLEADING INFORMATION TO THE INSURANCE
RISK THAT DESIRABLE FOR THE PROTECTION OF POLICY HOLDERS AGAINST THE AN INSURER MIGHT BE UNABLE TO MEET ITS LIABILITIES.
HIS EXERCISE
THAT THE POWERS
MR NENDICK SAID THESE MORE RESTRICTIVE GROUNDS MEANT
INTERVENTIONARY INSURANCE AUTHORITY COULD ONLY REACTIVELY.
SAID. "EXPERIENCE THE INSURANCE AUTHORITY TO BE THE LESS EFFECTIVE HIS SUPERVISION
"WE CONSIDER THIS TO BE UNSATISFACTORY," HE HAS PROVED THAT THE LONGER IT TAKES ABLE TO REACT TO A BECOMES.
SITUATION,
POLICY HOLDERS, WE PROPOSE "TO PROVIDE BETTER PROTECTION TO
OF POLICY THAT THE GROUNDS FOR INTERVENTION IN THE GENERAL INTERESTS
AS A
IN REGARDED
GROUND ON WHICH POWERS HOLDERS SHOULD ALSO BE SECTION 28 TO 30, 32 TO 33 AND 35 ARE EXERCISABLE.
ABOUT INVESTMENTS, MAINTENANCE ACTUARIAL INVESTIGATIONS,
ΤΟ AND POWER
"THESE RELATE TO REQUIREMENTS OF ASSETS IN HONG KONG, CUSTODY OF ASSETS, EARLY
INFORMATION SUBMISSION OF FINANCIAL REQUIREMENTS FOR PROTECTING THE POLICY HOLDERS.
IMPOSE
THE POWERS NEW
HE SAID THE ADMINISTRATION, HOWEVER, PROPOSED THAT SET OUT IN SECTIONS 27 AND 31 RELATING TO RESTRICTIONS IN WRITING
BE AFFECTED BY THE BUSINESS AND LIMITING PREMIUM INCOME SHOULD NOT NEW PROVISION.
"WE CONSIDER THAT THEY SHOULD REMAIN TO BE VERY LIMITED CIRCUMSTANCES, MR NENDICK SAID.
"
THE BILL ALSO AIMED TO REMOVE
REDUNDANT
EXERCISED ONLY IN
EXEMPTION PROVISIONS
FOR UNITED KINGDOM INSURERS.
AT PRESENT, MR NENDICK SAID, UK
INSURERS
WERE
FROM
EXEMPTED SECTION 8 AND THE IN THE THIRD
COMPLYING WITH THE AUTHORISATION REQUIREMENTS IN REQUIREMENT, TO SUBMIT FINANCIAL INFORMATION PRESCRIBED SCHEDULE.
TO THE INSURANCE
"THE ORDINANCE ONLY REQUIRES THEM TO SUBMIT AUTHORITY THE RETURNS WHICH THEY SUBMIT TO THE DEPARTMENT OF TRADE AND INDUSTRY IN THE UNITED KINGDOM," HE SAID.
AMENDMENT HOWEVER, THE SECRETARY POINTED OUT THAT FOLLOWING AN
THE INSURANCE
HAD AUTHORITY TO SECTION 8 OF THE ORDINANCE IN 1987,
то AUTHORISE AN INSURER, BEEN GIVEN DISCRETIONARY POWER TO REFUSE
COMPLIED WITH INCLUDING AN UK INSURER, EVEN THOUGH THE APPLICANT HAD THE GENERAL AUTHORISATION REQUIREMENTS UNDER SECTION 8.
/"SINCE THEN