XN000022-1988-11-02 — Page 3

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WEDNESDAY, NOVEMBER 2, 1988

"THIS WILL COVER DIRECT INSURANCE BUSINESS AND IS GIVE THE GREATEST PROTECTION TO INDIVIDUAL CLAIMANTS, THAT

MR JACOBS SAID. HOLDERS AND ENTITLED THIRD PARTIES,

"

CLAIMS

TO AVOID DOUBLE BENEFITS, INSOLVENCY COMPENSATION SCHEMES SUCH AS INSOLVENCY FUND WOULD BE EXCLUDED.

DESIGNED ΤΟ

IS POLICY

ELIGIBLE FOR RELIEF UNDER THE MOTOR INSURERS' BUREAU

T

BE CLAIMS UNDER MR RECEIVABLES,

OTHER

CLAIMS WILL "A NEW THIRD CLASS OF PRIORITY

ALL AFTER OFFSETTING RE-INSURANCE, CONTRACTS OF

BE USUALLY WOULD CLAIMANTS THESE THAT JACOBS SAID, ADDING INSURANCE COMPANIES.

ALSO TO AVOID DOUBLE BENEFITS, BOTH NEW BUSINESS, INSURANCE

то GENERAL

RELATE ONLY ACCORDED PRIORITY IN ANOTHER JURISDICTION.

CLASSES, WHICH WOULD WOULD EXCLUDE CLAIMS

CLAUSE 13 TURNING TO FILING OF ANNUAL RETURNS, MR JACOBS SAID

ORDINANCE SO THAT ALL SOUGHT TO AMEND SECTION 109 OF THE COMPANIES

OF REGISTRAR

COMPANIES FOR REGISTRATION RETURNS SUBMITTED TO THE WITHIN 42 DAYS OF A COMPANY'S ANNUAL GENERAL MEETING, WOULD ATTRACT FEE OF $50.

A

AT PRESENT,

THE FEE

UPON PAYABLE

OF THE DELIVERY

ANNUAL

RETURN WAS $50 FOR A PRIVATE COMPANY AND $100 FOR ANY OTHER COMPANY.

A SCALE OF FEES, RANGING

IN ADDITION, CLAUSE 13 INTRODUCED FROM $500 FOR DELIVERY MORE MONTHS OF THE ANNUAL GENERAL AFTER SIX MONTHS.

THAN

MEETING

12

DAYS TO

AFTER $1,500

BUT WITHIN FOR RETURNS

THREE FILED

MOUNTED SEVERAL

MR JACOBS SAID THE REGISTRAR OF COMPANIES HAD PROSECUTIONS BUT THESE HAD PROVED TO BE VERY TIME-CONSUMING.

TACKLE THE GROWING "WE CONSIDER THAT A MORE EFFECTIVE WAY TO PROBLEM OF DEFAULTS IS TO INTRODUCE PENALTY RATES UPON LATE FILING.

++

BILL

OR

ON COMPANY PROSPECTUSES, THE FINANCIAL SECRETARY SAID THE

USING PHOTOGRAPHS AGAINST SOUGHT ΤΟ LIFT THE PROHIBITION ILLUSTRATIONS OF A PICTORIAL OR GRAPHIC NATURE IN THESE PUBLICATIONS,

MINIMUM

FOR

RECOMMENDATION, COMMISSION'S

AGE

APPOINTMENT

THE

AS A

IN LINE WITH THE LAW REFORM

THE LOWER

BILL ALSO SOUGHT TO

COMPANY DIRECTOR FROM 21 TO 18.

DEBATE ON THE BILL WAS ADJOURNED.

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