XN000022-1989-11-15 — Page 8

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WEDNESDAY, NOVEMBER 15, 1989

"ONE

AN

EXHAUSTIVE

WAS PROBLEM

THAT DIFFICULT SINCE BANKS AND FINANCIAL NEW TYPES OF SECURITIES DOCUMENTS.

BE

DEFINITION WOULD INSTITUTIONS CONTINUALLY CREATE

A

RESTRICTIVE

DEFINITION

MIGHT

UNDERMINE

MR STOCK SAID.

"ANOTHER WAS THAT CERTAIN BUSINESS TRANSACTIONS,

WAS MERIT IN HE SAID THE ADMINISTRATION CONCLUDED THAT THERE

THE TERM "SECURITIES" ITS LEAVING THE BILL AS IT WAS. THUS GIVING EVERYDAY MEANING.

THIS APPROACH WOULD ALSO ALLOW KINGDOM JUDICIAL PRECEDENTS.

THE COURTS ΤΟ FOLLOW UNITED

DIFFICULTIES THAT HAVE

"FURTHERMORE. WE ARE NOT AWARE OF ANY ARISEN IN THE UNITED KINGDOM FROM THE ABSENCE OF A DEFINITION UNFAIR CONTRACT TERMS ACT 1977 OF THE TERM 'SECURITIES'.

IN THE

AND SHOULD "WE SHALL. OF COURSE. KEEP THE MATTER UNDER REVIEW

BEEN ENACTED AND BROUGHT ANY PROBLEMS ARISE ONCE THE ORDINANCE HAS

HE SAID. INTO EFFECT, WE WILL BE PREPARED TO RECONSIDER THE POSITION,

"

IP'S CONCERN OVER THE

MR STOCK SAID HE ACKNOWLEDGED ALSO DR EXCLUSION OF INSURANCE CONTRACTS FROM THE AMBIT OF THE BILL.

"THE ADMINISTRATION CONSIDERS IS A BETTER SOLUTION THAN LEGISLATION INSURANCE CONTRACT LAW.

THAT EFFECTIVE SELF-REGULATION

то THE PECULIAR PROBLEMS

OF

HAS

NOT

BEEN FRAMEWORK

ROUTE LEGISLATIVE THE "IT IS NOTEWORTHY THAT

SELF-REGULATORY FOLLOWED IN THE UNITED KINGDOM. INSTEAD. A HAS BEEN ESTABLISHED AND HAS WORKED WELL.

"I AM GLAD TO SAY THAT COMMENDABLE EFFORTS HAVE THE LOCAL INSURANCE INDUSTRY TO DEVELOP PROPOSALS FOR AND AN INSURANCE CLAIMS ESTABLISHED SOON.

COMPLAINTS

IS BOARD

BEEN MADE BY SELF-REGULATION

EXPECTED

TO BE

"THE

ADMINISTRATION

ENSURE THAT THE INTERESTS OF

IS

CLOSELY

MONITORING POLICY HOLDERS ARE

DEVELOPMENTS

TO

PROTECTED.

I

CAN

LEGISLATIVE

ITS OBJECTIVE. THE CHANGES TO CONTROL

CONFIRM THAT IF SELF-REGULATION FAILS TO ACHIEVE

ADMINISTRATION WILL CONSIDER MAKING INSURANCE MATTERS." HE SAID.

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