XN000022-1987-06-24 — Page 11

9

WEDNESDAY, JUNE 24, 1987

PROVIDES THE BILL "CLAUSE 4 OF CHARGED

GENERALLY TO THE RELATION IN OFFICIAL RECEIVERS'S OFFICE AND THAT THEY ADMINISTRATIVE OR OTHER COSTS INCURRED IN

THAT

FEES

BE CAN

VALIDLY PROVIDED BY THE SERVICES

THE NEED NOT BE SPECIFIC TO ANY PARTICULAR BANKRPUTCY.

A REQUIREMENT AND BANKRPUTCY BY COURT ORDER IN

"THE BILL ALSO AMENDS SECTION 9 BY INTRODUCING FOR THE PERSONAL SERVICE OF BANKRPUTCY NOTICES PETITIONS WITH PROVISION FOR SUBSTITUTED SERVICE APPROPRIATE CIRCUMSTANCES.

"THIS WILL REPLACE

PETITIONS CAN BE UNSATISFACTORY IN

THE PRESENT PROCEDURE WHEREBY SUCH

WHICH HAS BEEN FOUND SERVED BY POST,

TO BE

OCCASIONS THE ON SOME

ARE NOT THAT

PETITIONS BE SERVED, MR NENDICK RECEIVED BY THE PERSON ON WHOM THEY ARE TO SAID.

CE

BILL TO ENSURE QUALITY OF INSURANCE MARKET

*

TO

ON

A BILL TO GIVE THE INSURANCE AUTHORITY DISCRETIONARY POWERS REFUSE AN APPLICATION BY A COMPANY TO BECOME AN AUTHORISED INSURER

8(2) SECTIONS

AND

THE (3) OF

INSURANCE GROUNDS NOT SPECIFIED IN COMPANIES ORDINANCE WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

THE

OR

IT

UNDER THE ORDINANCE, SECTIONS 8(2) AND (3) STIPULATED THAT INSURANCE AUTHORITY SHOULD NOT AUTHORISE A COMPANY IF ANY DIRECTOR CONTROLLER OF THE COMPANY WAS NOT A "FIT AND PROPER" PERSON OR IF

RELATING TO ITS NET ASSETS, DID NOT SATISFY CERTAIN CAPITAL AND MANAGEMENT.

CONDITIONS

TO

HOWEVER, THE REQUIREMENTS IN THE TWO SECTIONS WERE INTENDED

THE HON BE THE MINIMUM REQUIREMENTS, THE ACTING FINANCIAL SECRETARY,

THE INSURANCE DAVID NENDICK, NOTED WHEN MOVING THE SECOND READING OF COMPANIES (AMENDMENT) (NO.2) BILL 1987 IN THE COUNCIL.

APPLICANT WHO

IF THE INSURANCE AUTHORITY HAD TO AUTHORISE ANY SATISFIED THESE MINIMUM CONDITIONS, IT WOULD BE DIFFICULT TO EXERCISE THE LOCAL INSURANCE MARKET EFFECTIVE QUALITY CONTROL OVER ENTRY TO

OF LOW QUALITY INSURANCE

AND COULD

RESULT

IN

PROLIFERATION

COMPANIES IN HONG KONG, HE SAID.

/"IN THE