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THE SECOND AMENDMENT ORDINANCE INTRODUCED TWO NEW SECTIONS, 35A AND 358, WHICH PROVIDE FOR THE MAKING OF BANK LEPOSITS IN THE NAME OF THE INSURANCE AUTHORITY BY AUTHORISED INSURERS, AND INVALIDATE ANY CHARGE CREATED OVER SUCH BANK DEPOSITS, + ¡E ADDED.
MUCH WORK WAS ALSO DONE BY THE INSURANCE AUTHORITY IN CONNECTION WITH THE PROTECTION OF MOTOR TRAFFIC ACCIDENT VICTIMS AFFECTED BY INSOLVENT INSURANCE COMPANIES.
TWO SCHEMES WERE DEVISED AND INTRODUCED IN 1985, THE FIRST BEING THE INSOLVENCY FUND SCHEME WHICH WAS INTRODUCED ON NOVEMBER 1.
IT RELATED TO THE ESTABLISHMENT AND OPERATION OF A SCHEME TO PROVIDE A FUND TO MAKE PAYMENTS TO VICTIMS OF TRAFFIC ACCIDENTS INVOLVING MOTOR VEHICLES IN THE EVENT OF THE INSURER BECOMING INSOLVENT AT SOME DATE IN THE FUTURE.
THE SCHEME WAS ADMINISTERED BY THE MOTOR INSURERS' BUREAU OF HONG KONG FOLLOWING AN AGREEMENT WITH THE GOVERNMENT.
THE INSOLVENCY FUND WOULD BE FINANCED BY A SURCHARGE ON ALL INSURANCE PREMIA PAYABLE BY NOTOR VEHICLE INSURANCE POLICY HOLDERS, AT AN INITIAL LEVEL OF 2.5 PER CENT OF THE ANNUAL INSURANCE PREMIUM.
THE SECOND SCHEME WAS THE TRAFFIC ACCIDENT VICTIMS ASSISTANCE FUND SUPPLEMENTARY SCHEME, WHICH WAS APPROVED BY THE LEGISLATIVE COUNCIL ON DECEMBER 4 AND IS DESIGNED TO PROVIDE EX-GRATIA PAYMENTS TO VICTIMS OF PAST ACCIDENTS INVOLVING MOTOR VEHICLES INSURED WITH FIVE MOTOR VEHICLE INSURERS PRESENTLY IN LIQUIDATION, BY USING THE SURPLUS IN THE EXISTING TAVAS FUND.
NEW WARRANT CARDS FOR LABOUR INSPECTORS *****
OFFICERS OF THE LABOUR DEPARTMENT'S WOMEN AND YOUNG PERSONS DIVISION HAVE BEEN ISSUED WITH NEW WARRANT CARDS THIS WEEK.
THE NEW CARDS AUTHORISE OFFICERS TO ENTER AND INSPECT, AT ALL REASONABLE TIMES, ANY PLACES OF EMPLOYMENT FOR THE EN ORCEMENT OF VARIOUS LABOUR LEGISLATION.
THIS INCLUDES THE EMPLOYMENT ORDINANCE AND ITS SUBSIDIARY REGULATIONS, THE EMPLOYEES' COMPENSATION ORDINANCE, AND THE IMMIGRATION ORDINANCE WHICH PROHIBITS THE EMPLOYMENT OF ILLEGAL IMMIGRANTS.
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