* THE REAR PORTION, INCLUDING THE REAR KITCHEN OF THE FIRST AND SECOND FLOOR OF 33-35.
TUESDAY, APRIL 7, 1992
STAIRCASE, TOILET AND
* THE SINGLE-STOREY STRUCTURE AT THE BACK YARD OF 37.
NOTICE OF INTENTION TO CLOSE THESE PARTS OF THE BUILDINGS WERE POSTED UP THIS AFTERNOON, AND A COURT ORDER WILL BE APPLIED TOMORROW.
THE BUILDING
ORDINANCE
OFFICE A SPOKESMAN FOR BUILDINGS WOULD BE FURTHER EXAMINED WHEN REMEDIAL WORKS ON CONCERNED WERE COMPLETED.
THE
SAID THE SLOPE
ISSUE OF GUIDANCE NOTE TO OVERSEAS LONG TERM INSURERS
*
THE INSURANCE AUTHORITY HAS INFORMED ALL OVERSEAS LIFE INSURERS OF WHAT IS AUTHORISED ΤΟ CARRY ON BUSINESS IN OR FROM HONG KONG
OF LEVEL MINIMUM REGARDED BY THE AUTHORITY AS BEING - THE ESTABLISHMENT NECESSARY TO BE MAINTAINED IN HONG KONG FOR THE CONDUCT OF THEIR BUSINESS IN HONG KONG.
THE
LOCAL PROPER
CONTAINED REQUIREMENTS
IN THE LONG TERM INSURANCE LEVEL OF BUSINESS: GUIDANCE NOTE NO. 1 STIPULATES THAT THE MINIMUM
LOCAL FSTABLISHMENT WILL INCLUDE THE APPOINTMENT BY THE INSURER OF A
INSURER'S CHIEF EXECUTIVE WHO WOULD BE DIRECTLY RESPONSIBLE FOR THAT TONG KONG OPERATIONS.
A MAINTAIN
POLICY
INSURERS ARE ALSO ASKED TO ESTABLISH AND HOLDERS' SERVICE CENTRE TO DEAL DIRECTLY WITH HONG KONG POLICY HOLDERS REGISTER AND TO MAINTAIN IN HONG KONG A HONG KONG POLICY HOLDER SUPPORTING RECORDS WHICH WILL ENABLE THAT INSURER'S COMMITMENT TO HONG KONG POLICY HOLDERS TO BE READILY IDENTIFIED.
FAILURE TO DEVELOP AND MAINTAIN A PROPER LOCAL ESTABLISHMENT IS
CONTRARY TO TO BE AUTHORITY
THE CONSIDERED BY THE EXPECTATION AND GENERAL INTERESTS OF PERSONS WHO ARE OR POLICY HOLDERS OF AN AUTHORISED INSURERS.
REASONABLE MAY BECOME
HAVE
POLICY
"THE MAJOR INSURERS OPERATING IN THE LOCAL MARKET ALREADY ADEQUATE LOCAL FACILITIES PROVIDING A HIGH LEVEL OF SERVICE TO HOLDERS," THE COMMISSIONER OF INSURANCE, MR DEREK SULLIVAN, SAID TODAY (TUESDAY).
"IN FACT IT IS NOW AN AUTHORISATION CONDITION FOR NEW ENTERING INTO THE MARKET THAT A PROPER LOCAL ESTABLISHMENT IS AND MAINTAINED," HE ADDED.
"THERE ARE
HOWEVER
AUTHORISED A MINORITY OF INSURERS WHOSE LOCAL ESTABLISHMENT AT PRESENT DOES NOT STANDARD," HE NOTED.
INSURERS
FORMED
LIFE OVERSEAS
COME UP TO
PARTICULARLY IF
"IT IS IMPORTANT THAT THOSE OVERSEAS INSURERS, THEY INTEND PARTICIPATING IN THE CONSIDERABLE GROWTH BEING EXPERIENCED BY THE LOCAL LIFE INSURANCE INDUSTRY, ENSURE THAT THEY HAVE A LOCAL ESTABLISHMENT IN COMPLIANCE WITH MARKET STANDARDS,
PROPER
"
HE SAID.
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