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Insurance Authority appoints joint managers for insurance company
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The Commissioner of Insurance, Mrs Pamela Tan, in her capacity as the Insurance Authority, has today (Monday) given a direction under section 35(2)(b) of the Insurance Companies Ordinance to Vahinkovakuutusosakeyhtiö Kansa International (Kansa General International Insurance Company Ltd) that, with immediate effect and until further notice, its affairs, business and property in Hong Kong shall be managed by Messrs David Richard Hague and Paul F Winkelmann.
Messrs David Richard Hague and Paul F Winkelmann are appointed the Joint Managers of the Company in Hong Kong by the Insurance Authority today pursuant to the said section 35 (2) (b).
Such arrangement is considered necessary in the light of the declaration of the Company's bankruptcy by a District Court in Finland and the appointment of interim receivers.
The Insurance Authority is of the view that the appointment of Joint Managers in Hong Kong would "ring-fence" the Company's local assets to meet its Hong Kong liabilities, hence protect the interests of the Hong Kong policy holders.
The Company, which was incorporated in Finland in 1920, has established a branch in Hong Kong since 1979. The Company is engaged in general insurance business including employees' compensation insurance in Hong Kong.
As the Insurance Authority, Mrs Tan has already taken into her custody a substantial portion of the Hong Kong assets of the Company.
She believes that these assets, coupled with the Guarantee Funds operated by the Employees' Compensation Assistance Scheme, would provide a high level of security to the Hong Kong policy holders and persons with insurance claims against the Company.
Policy holders and other creditors of the Company who have any queries regarding their policy or position should contact the Joint Managers at 2826 2111 or the Insurance Authority at 2867 3511 during office hours.
End/Monday, January 9, 1995