14
FRIDAY, JULY 17, 1992
FOR "THE ORDINANCE ALSO EXTENDS THE GROUNDS
INSURANCE CERTAIN POWERS BY THE
THE
AUTHORITY
то
TIMELY ACTION FOR THE BETTER PROTECTION OF THE SPOKESMAN ADDED.
ENABLE POLICY
EXERCISE HIM TO TAKE HOLDERS,' THE
OF
OF THE
AS REGARDS THE DELETION
LIMITED EXEMPTION GIVEN то
POINTED THE SPOKESMAN
OUT INSURERS AUTHORISED IN THE UNITED KINGDOM,
IN PRACTICE REDUNDANT FOLLOWING THAT THE LIMITED EXEMPTION WAS
AN
AMENDMENT TO SECTION 8 OF THE ORDINANCE IN 1987.
SINCE THEN THE SAME AUTHORISATION CRITERIA TO ALL APPLICANTS INCLUDING UNITED KINGDOM INSURERS.
(AMENDMENT} (NO.
HAVE
BEEN APPLIED
OF
THE INSURANCE COMPANIES
2) ORDINANCE 1992 PROVIDES FOR A POWER FOR THE INSURANCE AUTHORITY TO ASSUME CONTROL AN INSURER UNDER EXCEPTIONAL CIRCUMSTANCES.
THE SPOKESMAN INDICATED THAT THIS POWER EXERCISED AS A LAST RESORT, WHERE THE SOLVENCY OF AN JEOPARDY,
THE COMMENCEMENT NOTICE WAS GAZETTED TODAY.
WOULD
ONLY BE INSURER WAS IN
0
REGISTRATION OF 2 DEPOSIT-TAKING COMPANIES REVOKED
OF
THE COMMISSIONER OF BANKING ANNOUNCED THAT THE REGISTRATION
HAD BEEN REVOKED AT THE TWO COMPANIES AS DEPOSIT-TAKING COMPANIES
UNDER SECTION CLOSE OF BUSINESS TODAY (FRIDAY) AT THEIR OWN REQUESTS 31(2) OF THE BANKING ORDINANCE.
THEY ARE
LIMITED.
AYUDHYA
FINANCE LIMITED
AND
NZI
SECURITIES ASIA
GARDEN FOR TOURISTS TO PLANT TREES
TAI MO
A "GREEN DRAGON GARDEN" WAS TODAY (FRIDAY) SET UP NEAR
FOR TOURISTS WHO SHAN COUNTRY PARK VISITOR CENTRE TO PROVIDE A SITE WISH TO PLANT A TREE TO COMMEMORATE THEIR VISIT TO HONG KONG.
ARRANGED JOINTLY
BY THE AGRICULTURE AND FISHERIES IT WAS
INTEGRAL PART DEPARTMENT AND THE HONG KONG TOURIST ASSOCIATION AS AN OF THE "GREEN TOURISM PROJECT" TO HEIGHTEN ENVIRONMENTAL AWARENESS HONG KONG.
IN
/SPEAKING AT