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Wednesday, May 24, 1972
Mr. Haddon Cave said: "The review will include an assessment of the
financial requirements to be met by all insurance companies, but the interim
provisions I have just announced will not affect Companies now carrying on
insurance business in Hong Kong and who already comply with the existing
provisions,"
He said that existing insurance companies would be well advised to
consider strengthening their financial position now, so that they could
comply more easily with the financial requirements eventually decided upon.
For these provisions, he added, these requirements would apply to
all companies no matter when they commence business.
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