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FRIDAY, MARCH 11, 1994
"THREE NEW CLASSES OF LONG-TERM BUSINESS WERE ALSO INTRODUCED ΤΟ BRING THE PROVISION OF RETIREMENT BENEFITS THROUGH INSURANCE ARRANGEMENTS UNDER THE PURVIEW OF THE INSURANCE COMPANIES ORDINANCE, HE SAID.
THERE WERE THREE AMENDMENT BILLS GAZETTED LAST YEAR.
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"THE MAIN OBJECT OF THE AMENDMENT (NO. 1) BILL IS TO REQUIRE AN INSURER TO NOTIFY THE INSURANCE AUTHORITY WHEN IT BECOMES SUBJECT TO LIQUIDATION AND TO ALLOW A NEW SOLVENCY MARGIN FOR LONG-TERM INSURANCE BUSINESS TO BE PRESCRIBED BY REGULATIONS.
"THE OBJECT OF THE NO. 2 BILL IS то REQUIRE INSURERS ΤΟ MAINTAIN ASSETS IN HONG KONG OF NOT LESS THAN 80 PER CENT OF ITS LIABILITIES ARISING FROM ITS HONG KONG GENERAL INSURANCE BUSINESS PLUS THE STATUTORY SOLVENCY MARGIN.
"THE NO. 3 BILL IS INTRODUCED TO PROVIDE LEGISLATIVE SUPPORT TO THE SYSTEM OF
SELF-REGULATION OF INSURANCE INTERMEDIARIES BY THE INSURANCE INDUSTRY, HE SAID.
HONG
OF THE THE UK,
THERE ARE AT PRESENT 229 AUTHORISED INSURERS OPERATING IN KONG. OF THEM, 104 ARE INCORPORATED IN HONG KONG WHILE MOST OVERSEAS INSURERS COME FROM THE USA AND EUROPE INCLUDING SWITZERLAND AND FRANCE.
OCCUPATIONAL ESTABLISHED
ON THE WORK OF THE OFFICE OF THE REGISTRAR OF RETIREMENT SCHEMES, MR IP SAID THE REGISTRAR'S OFFICE WAS ON OCTOBER 15 LAST YEAR FOR THE REGISTRATION AND REGULATION OF PRIVATE RETIREMENT SCHEMES.
"WITH THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE COMING INTO EFFECT ON THE SAME DATE, THERE IS A GREATER CERTAINTY THAT RETIREMENT SCHEME BENEFITS PROMISED TO EMPLOYEES WILL BE PAID WHEN THEY FALL DUE,
SAID MR IP, WHO IS ALSO THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES.
H
MR IP SAID THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE AIMED TO ESTABLISH A REGISTRATION SYSTEM FOR VOLUNTARILY ESTABLISHED OCCUPATIONAL, RETIREMENT SCHEMES.
PROMISED
"THIS IS TO ENSURE THAT SUCH SCHEMES ARE PROPERLY REGULATED AND TO PROVIDE GREATER CERTAINTY THAT RETIREMENT SCHEME BENEFITS TO EMPLOYEES WILL BE PAID WHEN THEY FALL DUE.
CERTAIN
"BEFORE A SCHEME IS QUALIFIED то BE REGISTERED, CRITERIA AND CONDITIONS MUST BE MET; AND AFTER REGISTRATION, IT MUST COMPLY WITH THE REQUIREMENTS UNDER THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE.
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"BESIDES THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE IMPOSES CERTAIN DUTIES AND OBLIGATIONS ON EMPLOYERS, SCHEME ADMINISTRATORS AND THE PROFESSIONALS CONCERNED, HE SAID),
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/MR IP