THURSDAY, JUNE 17, 1993
THIS COULD ENABLE THE AUTHORITY TO RESPOND FLEXIBLY TO CHANGING MARKET CIRCUMSTANCES AND, TO ENABLE THE GENERAL INSURERS TO MAINTAIN A PRUDENT SPREAD OF INVESTMENTS," HE SAID.
THE
REQUIREMENT
WOULD ONLY APPLY, INITIALLY, то GENERAL INSURERS, THE SPOKESMAN SAID, BUT HE ADDED THAT THE INSURANCE
AUTHORITY WOULD CONSIDER WHETHER AND HOW TO EXTEND THE REQUIREMENT LONG-TERM INSURERS.
TO
"FURTHER, REINSURERS HERE AS IN THE UNITED KINGDOM WOULD BE EXEMPT FROM THE REQUIREMENT. THIS IS BECAUSE REINSURANCE CONTRACTS NORMALLY COVER MORE THAN ONE JURISDICTION WITHIN ONE CONTRACT AND THE REINSURER WOULD PROBABLY HAVE DIFFICULTY ATTRIBUTING PARTICULAR LIABILITIES TO A PARTICULAR JURISDICTION," HE SAID.
"THE PROPOSED ASSET-MATCHING REQUIREMENT IS A COMMON FEATURE OF OTHER JURISDICTIONS," THE SPOKESMAN ADDED.
HE SAID ΤΟ FACILITATE COMPLIANCE WITH THE REQUIREMENT BY INSURERS, A GRACE PERIOD OF ABOUT SIX MONTHS WOULD BE ALLOWED FROM ENACTMENt of thE BILL.
VISA-FREE ENTRY OF PRC NATIONALS IN TRANSIT
THE GOVERNMENT ANNOUNCED TODAY (THURSDAY) THAT WITH EFFECT FROM AUGUST 1, NATIONALS OF THE PEOPLE'S REPUBLIC OF CHINA (PRC) TRANSITING THROUGH HONG KONG TO AND FROM OVERSEAS WILL BE GRANTED VISA-FREE ENTRY OF SEVEN DAYS,
AT PRESENT, PRC PASSPORT HOLDERS TRAVELLING THROUGH HONG KONG ARE REQUIRED TO OBTAIN A VISA TO ENTER HONG KONG.
SUCH VISAS ARE ISSUED UPON ENTRY AT LOWU, OR THROUGH AN OVERSEAS BRITISH VISA POST.
ΤΟ EASE THE CONGESTION AT LOWU AND TO FACILITATE THE TRAVELLERS, HOLDERS OF PRC PASSPORTS TRAVELLING THROUGH HONG KONG WILL BE ALLOWED VISA-FREE ENTRY OF SEVEN DAYS IF THEY ARE GENUINELY IN TRANSIT.
THEY WILL BE REQUIRED TO PROVE THAT THEY HAVE VALID PASSPORTS, CONFIRMED ONWARD TICKETS AND ONWARD FACILITIES, INCLUDING ENTRY FACILITIES FOR THE COUNTRIES EN ROUTE, IF NECESSARY,
THE VISA-FREE ARRANGEMENT WILL ALSO COVER PRC TRANSITEES WHO TRAVEL TO AND FROM TAIWAN ON TWO-WAY PERMITS.
WITH THESE CHANGES, PRC TRANSITEES MAY ENTER HONG KONG VIA ANY IMMIGRATION CONTROL POINT.
/"IN LIBERALISING