CO129-451 - Public Offices - 1918 — Page 701

1

ofperatures un Characi, which it necessitati an amendment of the chinos (combena]

in muust how

& the

r

Bic, 1,15. Cresce, weathe

worth to the F.. refensive,

semi-officent coump (20553) + inclosing

copres of #

the order of Gsteport and the Boft litter and ask for their

obscis on the professat

2.1.A

125/6/18 AEC

27.6 G.G. 28.615

at-ou

[C. No. 118.]

It is requested that any reply to this Letter may be addressed to the Comptroller of the Companies liepartiment, 55, Whitehall, W. 1.

London, 8, W., (Telegraphio Address: "Com- panies, London,") and that the following number may be quoted;

sir,

C

3217

28287

696

RECO

REG

JUN 18

BOARD OF TRADE.

10th June 1918.

I am directed by the Board of trade to refer to your letter of the 20th May (21236/18) transmitting a copy of

.

a despatch from the Gevemmant of Hongkong with regard to the Fire and Marine InsuranceCompanies Deposit Ordinance 1917, and in reply I am to say that while the Board see no objection to the requirements as to the lodging of accounta by Insurance companies, it has nothitherto been the policy in the United Kingdom to apply the requiremente as to deposit■ by Insurance companies to companies which were carrying on the business in the United Kingdom before any application to make a deposit had been imposed, except in the case of Life - Assurance which has features which are distinct from other classes of Insurance business. On the information at present before them the Board are disposed to think that it would have been preferable that the obligation to make deposits should have been limited to Companies formed or beginning to carry on the business in future.

With regard to Marine Insurance business it has not hitherto been thought necessary to apply the provisions of the Assurance Companies Act 1909 to Marine Insurance business except so far as regards requiring a separate Revenue account in respect of marine insurance business from any company which is otherwise within the provisions of the Act. No deposit is required in respect of Marine insurance business in the United Kingdom but there may be special conditions which make such a deposit desirable in Hong Kong.