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PRIDAY, JUNE 8, 1990

THE INSURANCE COMMISSION NOW FUNCTIONS AS A SEPARATE REGULATORY COMMISSION SIMILAR AND PARALLEL TO THE OFFICE OF THE COMMISSIONER OF BANKING,

THE TRANSFORMATION OF THE INSURANCE DIVISION INTO THE INSURANCE COMMISSION PROVIDES A GOOD OPPORTUNITY TO IMPROVE PRESENT STAFFING ARRANGEMENT.

"THE NEW COMMISSION IS STAFFED BY A NEW PROFESSIONAL GRADE INSURANCE OFFICERS WHO ARE TO REPLACE THE ASSISTANT REGISTRARS IN INSURANCE DIVISION," THE SPOKESMAN SAID.

THE CREATION OF THE NEW GRADE IS RESPONSIBILITIES AND SPECIALISATION

THE

OF

THE

TO REFLECT MORE FULLY THE OF

THE NEW COMMISSION AND TO ENABLE IT TO RECRUIT EXPERTISE AND RETAIN STAFF OF AN APPROPRIATE CALIBRE IN TERMS OF PROFESSIONAL EXPERTISE AND EXPERIENCE REQUIRED FOR THE EFFECTIVE REGULATION OF THE INSURANCE INDUSTRY.

"MOST OF THE POSTS OF THE NEW INSURANCE OFFICER GRADE ARE FILLED BY THE ASSISTANT REGISTRARS IN THE INSURANCE DIVISION, WHO HAVE ACQUIRED THE NECESSARY EXPERIENCE AND/OR QUALIFICATIONS REQUIRED FOR THE NEW POSTS, THE SPOKESMAN SAID.

THE FORMER HEAD OF THE INSURANCE DIVISION IN THE REGISTRAR GENERAL'S DEPARTMENT, MR DEREK SULLIVAN, HAS BEEN APPOINTED AS THE COMMISSIONER OF INSURANCE.

"HE HAS REPLACED THE REGISTRAR GENERAL AS THE INSURANCE AUTHORITY AND ASSUMED ALL THE STATUTORY RESPONSIBILITIES AND POWERS PREVIOUSLY EXERCISED BY THE REGISTRAR GENERAL UNDER THE INSURANCE COMPANIES ORDINANCE," THE SPOKESMAN SAID.

"MR SULLIVAN IS ASSISTED BY TWO ASSISTANT COMMISSIONERS OF INSURANCE FOR THE REGULATION OF INSURANCE COMPANIES," HE SAID.

"IT IS ANTICIPATED THAT AN ADDITIONAL ASSISTANT COMMISSIONER TOGETHER WITH A NUMBER OF EXTRA STAFF MEMBERS WILL BE ADDED IN THE NEAR FUTURE TO ENABLE THE COMMISSION TO TAKE ON THE TASK OF THE REGULATION OF PRIVATE RETIREMENT SCHEMES, THE SPOKESMAN SAID.

NOTE TO EDITORS:

SULLIVAN, WEDNESDAY

THE DEPUTY SECRETARY FOR MONETARY AFFAIRS, MR STEPHEN IP, AND THE NEWLY-APPOINTED COMMISSIONER OF INSURANCE, MR DEREK WILL GIVE A PRESS CONFERENCE ON THE INSURANCE COMMISSION ON

(JUNE 13).

THE CONFERENCE WILL BE HELD AT THE GIS CONFERENCE ROOM, FIFTH FLOOR, BEACONSFIELD HOUSE, CENTRAL, BEGINNING AT 2.30 PM.

YOU ARE INVITED TO SEND

CONFERENCE.

REPRESENTATIVES

ΤΟ ATTEND

THE

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