XN000022-1982-05-07 — Page 3

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FRIDAY, MAY 7, 1982

WHERE FINANCIAL STANDARDS ARE NOT MET OR CONTROL PASSES INTO THE HANDS OF UNFIT PERSONS, THERE ARE EXTENSIVE POWERS WHICH WILL ENABLE THE INSURANCE AUTHORITY TO TAKE APPROPRIATE MEASURES TO PROTECT THE INTERESTS OF POLICYHOLDERS. IN EXTREME CASES AN INSURER'S PREMIUM INCOME CAN BE LIMITED, THE POWER TO WRITE NEW BUSINESS WITHDRAWN OR INDIVIDUALS CAN BE MADE PERSONALLY LIABLE FOR OFFENCES COMMITTED BY THEIR COMPANIES.

AN INSURANCE ADVISORY COMMITTEE WILL BE APPOINTED UNDER THE CHAIRMANSHIP OF THE FINANCIAL SECRETARY OR HIS REPRESENTATIVE TO GIVE GENERAL INSURANCE ADVICE TO THE GOVERNMENT ON THE ADMINISTRATION OF THE ORDINANCE AND ON INSURANCE MATTERS GENERALLY.

MR JACOBS SAID HE ATTACHED GREAT IMPORTANCE TO THIS. +THE COMMITTEE, HE SAID, SHOULD ENSURE THAT SUPERVISION DEVELOPS IN A MANNER COMPATIBLE WITH THE INTERESTS OF THE POLICYHOLDERS, THE MARKET GENERALLY AND HONG KONG.+

TAI PO DRAGON BOAT RACE

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PEOPLE WISHING TO COMPETE IN THE ANNUAL TAI PO DRAGON BOAT RACE NOW HAVE ONLY ONE MORE WEEK TO APPLY BEFORE THE DEADLINE ON MAY 15.

THE TRADITIONAL RACE TO BE HELD ON JUNE 25, WILL TAKE PLACE AT SHUEN WAN HOI ALONG THE MAIN DAM OF PLOVER COVE RESERVOIR OVER A DISTANCE OF 1 000 METRES.

LIKE LAST YEAR, THE NUMBER OF COMPETING TEAMS WILL BE LIMITED TO 50. EACH TEAM WILL CONSIST OF 27 MEMBERS, COMPRISING 24 DARSMEN, A DRUMMER, A GONG BEATER AND THE COXSWAIN.

THERE WILL BE FIVE HEATS IN THE MORNING. THE WINNER AND RUNNER-UP TEAMS IN EACH HEAT WILL COMPETE IN THE FINAL RACE IN THE AFTERNOON.

APPLICATION FORMS ARE AVAILABLE FROM THE TAI PO RURAL COMMITTEE OFFICE, AND SHOULD BE COMPLETED AND RETURNED BEFORE THE CLOSING DATE, TOGETHER WITH A DEPOSIT OF $500 AND AN ENTRY FEE OF $200.

FUNDED BY THE LOCAL DISTRICT BOARD, THE RACE IS BEING ORGANISED BY A COMMITTEE COMPRISING REPRESENTATIVES OF THE TAI PO DISTRICT OFFICE, RURAL COMMITTEE, SPORTS ASSOCIATION AND OTHER GOVERNMENT DEPARTMENTS.

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