XN000022-1990-05-08 — Page 2

TUESDAY, MAY 8, 1990

- 1

MARINE INCIDENT SHOULD BE SORTED OUT THROUGH

NORMAL BORDER LIAISON CHANNELS: GOVERNOR

THE GOVERNOR, SIR DAVID WILSON, SAID TODAY (TUESDAY) IT IS NOW HIGH TIME THAT THE MARINE INCIDENT LAST WEEK IS SORTED OUT THROUGH THE NORMAL BORDER LIAISON CHANNELS.

ASKED BY REPORTERS TO COMMENT ON THE INCIDENT AFTER ATTENDING A MEETING OF THE EXECUTIVE COUNCIL, SIR DAVID SAID: "THE FACTS OF THE CASE AS WE KNOW THEM ARE AS WE'VE STATED THEM, AND WHAT NOW NEEDS ΤΟ BE DONE IS TO GET ON, SORT IT OUT THROUGH BORDER LIAISON CHANNELS.

"THAT'S THE WAY IT SHOULD BE DONE, NOT THROUGH STATEMENTS WHICH SIMPLY RAISE THE TEMPERATURE, BUT DEALING WITH THE MATTER AS A PRACTICAL PROBLEM, THE GOVERNOR SAID.

P

THREE NEW INSURANCE COMPANIES AUTHORISED TO DO BUSINESS

THREE NEW INSURANCE COMPANIES, ALL INCORPORATED OVERSEAS, WERE AUTHORISED TO CARRY ON INSURANCE BUSINESS IN OR FROM HONG KONG DURING THE 1989-90 FINANCIAL YEAR, THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID TODAY (TUESDAY).

INSURERS DURING THE SAME PERIOD, FOUR EXISTING

CEASED ΤΟ BE AUTHORISED FOLLOWING THE CESSATION OR ORDERLY RUN-OFF OF THEIR INSURANCE BUSINESS IN HONG KONG.

AS AT MARCH 31 THIS YEAR, THERE WERE 274 AUTHORISED INSURERS A OPERATING IN HONG KONG, REPRESENTING

NET DECREASE OF ONE SINCE

MARCH 31 LAST YEAR.

+

OF THESE 126 WERE HONG KONG INSURERS, FROM OVERSEAS, INCLUDING THE UK (38), USA (28) (EIGHT), SINGAPORE (SEVEN), SWITZERLAND (SEVEN)

THE REMAINING COMING BERMUDA (11), JAPAN AND CANADA (SIX).

ATTRIBUTED

THE

IN ANNOUNCING THE ABOVE FIGURES, MR GLEESON STABLE NUMBER OF AUTHORISED INSURERS ΤΟ THE GENERALLY EFFECTIVE COMPANIES LEGISLATIVE FRAMEWORK GOVERNING THE REGULATION OF INSURANCE

HONG MONITORING THE STATUS OF EXISTING INSURERS.

IN

KONG, AND THE INSURANCE AUTHORITY'S POLICY OF CLOSELY

FORMAL FOR THE

LAST FINANCIAL MR GLEESON SAID DURING THE

ONE YEAR, APPLICATION FOR AUTHORISATION WAS RECEIVED, COMPARED WITH 10 PREVIOUS FINANCIAL YEAR (1989-90).

THE MORE

HE SAID THE DROP IN NEW APPLICATIONS WAS A RESULT OF STRINGENT AUTHORISATION CRITERIA APPLIED BY THE INSURANCE AUTHORITY.

/AS AT