XN000022-1985-01-23 — Page 21

WEDNESDAY, JANUARY 23, 1985

19

INSURANCE LAW +OUTDATED+

*****

THE NEED TO STATE THE NAMES OF ALL THE PARTIES CONCERNED IN AN INSURANCE POLICY WAS NOW OUT OF TUNE WITH MARKET PRACTICE IN RELATION TO GROUP LIFE ASSURANCE POLICIES.

IT WAS THEREFORE PROPOSED TO RELAX THE PRESENT LAW WHICH INVALIDATES ANY POLICY IN WHICH THE NAME OR NAMES OF THE INSURED AND ANY BENEFICIARIES ARE NOT INSERTED, THE SECRETARY FOR ECONOMIC SERVICES, THE HON PIERS JACOBS, SAID TODAY.

MOVING THE SECOND READING OF THE INSURANCE COMPANIES (AMENDMENT) BILL 1985, HE SAID HONG KONG'S LAW IN THIS RESPECT DERIVED FROM A SECTION IN THE LIFE ASSURANCE ACT 1774 (OTHERWISE KNOWN AS THE GAMBLING ACT 1774) WHICH WAS DIRECTED PRIMARILY AT PREVENTING A +MISCHIEVOUS KIND OF GAMING+,

+AT THAT TIME A PERSON COULD EFFECT INSURANCE ON A HUMAN LIFE OR LIVES IN WHICH HE HAD NO GENUINE INTEREST.

+ IN ORDER TO DEAL WITH THIS PROBLEM, THE ACT PROVIDED THAT THE NAMES OF ALL THE INSURED PERSONS AND THE BENEFICIARIES SHOULD BE CLEARLY STATED IN THE POLICY, SO AS TO DEMONSTRATE A RECOGNISED PECUNIARY INTEREST IN THE LIFE INSURED ON THE PART OF THE POLICY HOLDER AND BENEFICIARY, MR JACOBS SAID.

HE POINTED OUT THAT THE PROPOSED CHANGE IN LEGISLATION WAS IN LINE WITH THE CURRENT LAW IN THE UNITED KINGDOM.

→THE INSURANCE ADVISORY COMMITTEE, THE HONG KONG LIFE INSURANCE COUNCIL. AND THE INSURANCE COUNCIL OF HONG KONG HAVE ALL BEEN CONSULTED AND SUPPORT THE PROPOSED AMENDMENT,

HE SAID.

FIRE WATCH TEAMS PRAISED FOR USEFUL ROLE+

III

FIRE WATCH TEAMS PLAY A USEFUL ROLE IN RAISING THE ALARM AND EVACUATING RESIDENTS IN THE EVENT OF A FIRE IN SQUATTER VILLAGES, THE SECRETARY FOR DISTRICT ADMINISTRATION, MR DAVID AKERS-JONES TOLD THE LEGISLATIVE COUNCIL MEETING TODAY.

+HAVING RAISED THE ALARM, IT IS THEN LEFT TO THE PROFESSIONALS IN THE FIRE SERVICES DEPARTMENT TO TAKE OVER THE JOB OF FIRE FIGHTING AND RESCUE, HE ADDED.

MR AKERS-JONES WAS REPLYING TO A QUESTION BY UNOFFICIAL COUNCILLOR, MR CHAN YING-LUN ON THE ESTABLISHMENT OF FIRE WATCH TEAMS AND WHETHER THE GOVERNMENT IS SATISFIED WITH ITS OPERATIONS.

+ THE ADMINISTRATION