C.O. For Colonial
Colonial Office 23556
74
MEMORANDUM RE HONG KONG LIFE INSURANCE ORDINANCE
30 JUN 08
135 ORDINANCE, 1907
I have carefully perused the correspondence with the Colonial Office in this matter, and also the documents sent over by the Governor of Hong Kong in February last, putting forward the objections which have been advanced against various clauses in the Hong Kong Ordinance: these criticisms being made by Mr Chalmers King, the well-known English Consulting Actuary; by Mr E.J. Smith, F.I.A., F.F.A., of the Standard Life Assurance Company; and by Mr J.L. Robertson, F.F.A., of the Canada Mutual Life Insurance Company, who took his diploma as a Fellow of the Institute of Actuaries in 1908. I have also read the Memorandum prepared by Mr A.d. Harding of the Colonial Office, and have perused the relevant sections and Schedules of the Ordinance.
The objections are mainly centred (1) on Clause 9 as to Deposit to be made by Companies, and the conditions on which such deposit is held, and may be withdrawn; (2) on Clause 24 of the Ordinance, involving a test of solvency; (3) on minor points in the Ordinance and its Schedules, where it is thought that some hardships or injustices may arise; and (4) on certain points in which the Ordinance follows the Imperial Act 1890, but in respect of which it is suggested that both might conveniently be altered, mainly by Mr King.
I deal with these four classes of objection or suggestion, seriatim, in the present Memorandum:-
I consider that
Page 02
(1) As to sections relating to deposit, there is no hardship in the provisions of Clause 3, as to deposit to be made by Companies already established or registered, or hereafter to be established or registered, within the Colony; and that the provisions for making a deposit equivalent to £20,000, partly by an immediate payment of £5,000, and partly by
(1)
715
C.O. For Colonial
Colonial Office 23556
74
MEMORANDUM SA HOM, KONG LIER TUSURA
30 JUN 08
135 ORDINAMOR, 1907
I have carefully paraned the correspondence with the Colonial
Office in this matter, and also the documenta sent over by the
Governor of Hong Kong An Bobruary last, patting out
the China Mutual Life Ins guanon Gmysny LL", hentain exitletumu
wilon have hean adynced against various olsunr in fan Hong Kong
Ordinand >: these crilelons being made by Me Chorm King, the
well imow Tnglish Consulting Achamer: by MP 2.1.7.8) 194
A.T.A,of the Brandand Li*. Aesavanny f
Mo 1.8.il", of the Calea Mutual Life Insurance Company, who
took his diploma as a Fellow of the Institut. of actuavior in
1908.. I have also read the Memorenim prepared by Mr A.d.
Harding of the Colonial Office, and have perused the roveret
sections and Schedules of the Ordinanes.
The objections ave mainly orntred (1), on also
A
b
on minor
9. as to Deposit to be made by Companies, end the conditions on
which such deposit is held, en may be withdrurn; fe on Clause
24 of the Ordinance, Involving a tast of solvency:
points in the Ordinance and its Schedules, mora 14 de thought
that some hurdships or injusties muy spine
father made, mainly by Mr King,(4) on evrinin points in which
the Ordinance follows the Imperial Act 1800, but in respect of
which it is suggested thit both might conveniently be seenalar,
I deal with these four cleaugs of cbjection or sugraɛtion, Borlan
tim, in the present Mamorundum :-
I consider that
02
(1) As to dections relating
there is no hardship in the provisions of @ 3, as to depepit.
to be made by Companies #lready established or registered,
hereafter to be established or reglaterad, within the 0.7
and that the provisions for making & depoelt equivalent to
£20,000, partly by an insediate payment of £5,000, and partly by
(1)
715
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