XN000022-1987-07-10 — Page 10

FRIDAY, FULY 10, 1987

BY INTRODUCED WAS

THE INSURANCE COMPANIES ONE SUCH CHANGE (AMENDMENT) ORDINANCE NO. 4 OF 1987, WHICH WAS ENACTED ON JANUARY THAT AMENDMENT ORDINANCE INTRODUCED, INTER ALIA, A NEW SECTION 22A

WITH WHO CANNOT INSURERS ENABLE OVERSEAS REQUIREMENT TO SEPARATE THE THEIR WORLD-WIDE

ASSETS

COMPLY

ΤΟ

THE

16.

EXISTING RESPECT OF

INSURANCE

AND LIABILITIES IN

TO THE APPLY SEPARATION IN RESPECT OF

TERM BUSINESS LONG AUTHORITY FOR AUTHORISATION TO EFFECT THE THEIR HONG KONG BUSINESS ONLY.

4

AMENDMENT

WAS THE INSURANCE

COMPANIES

WAS

WIDER WHILE

ANOTHER LEGISLATIVE (AMENDMENT) (NO. 2) BILL 1987, GAZETTED ON JUNE 12, 1987. THE BILL

NOW GIVES THE INSURANCE AUTHORITY ENACTED ON JULY 3 AND IT

APPLICATIONS FOR AUTHORISATION DISCRETIONARY POWER TO REFUSE PROVIDING AN AVENUE OF APPEAL AGAINST ANY SUCH REFUSAL.

IN HONG

INSURANCE INDUSTRY IN GENERAL, MR GLEESON SAID, THE KONG CONTINUES TO MAINTAIN STEADY GROWTH WITH AN INCREASING VOLUME OF BUSINESS, ESPECIALLY LIFE PREMIUM INCOME IN MANY TYPES OF INSURANCE

BUSINESS MANAGEMENT

BY OPERATED

INSURANCE INSURANCE. PENSION FUND COMPANIES HAS ALSO EXPERIENCED SUBSTANTIAL GROWTH.

THE INCREASING VOLUME OF INSURANCE BUSINESS AND THE

COMING TO

MARKET INDICATED COMPANIES OVERSEAS

THE

ITS CONFIDENCE IN HONG KONG'S FUTURE CENTRE OF INSURANCE IN THE REGION.

AND

IMPORTANCE GROWING

NUMBER OF CONTINUING

AS

A

ALONG WITH THE INCREASING NUMBER OF

COMPANIES,

AND

INSURANCE OF INSURANCE BUSINESS, THERE NOTWITHSTANDING THE INCREASING VOLUME WAS KEEN COMPETITION FOR BUSINESS AMONG THE INSURANCE COMPANIES.

HAVE AN

ADVERSE

IF SUCH COMPETITION INTENSIFIES WITHOUT THE SUPPORT OF

THE ON EFFECT COULD UNDERWRITING, IT STABILITY OF SOME INSURANCE COMPANIES. THE POSITION WAS BEING MONITORED BY THE INSURANCE AUTHORITY.

THE INSURANCE ADVISORY COMMITTEE,

PRUDENT FINANCIAL CLOSELY

OF

UNDER THE CHAIRMANSHIP

ITS DELIBERATIONS THE SECRETARY FOR MONETARY AFFAIRS, HAD CONTINUED

COMPANIES ON MATTERS RELATING TO THE ADMINISTRATION OF THE INSURANCE

FROM TIME ORDINANCE, AND THE INSURANCE AUTHORITY WAS IN CONSULTATION

LIFE INSURANCE TO TIME WITH THE INSURANCE COUNCIL OF HONG KONG, THE COUNCIL, AND OTHER INDUSTRY ASSOCIATIONS ON MATTERS OF MUTUAL CONCERN.

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