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TO FAMILIARISE

CONDITIONS AND RANGE OF

THE WORKING HOSPITALS,

MEMBERS OF

SERVICES

THE

WITH AUTHORITY

PUBLIC PROVIDED IN

PROGRAMME OF WEEKLY VISITS IS TO BE ARRANGED FOR AUTHORITY MEMBERS.

ALL THE PUBLIC HOSPITALS WILL BE VISITED DURING THE

TO FIVE MONTHS PRIOR TO THE TAKE-OVER.

A

NEXT FOUR

STAFF TO "THE VISITS WILL PROVIDE AN OPPORTUNITY FOR HOSPITAL

THE

OF INTRODUCTION EXPRESS THEIR VIEWS AND CONCERNS ABOUT

THE AUTHORITY MEMBERS, AND FOR HOSPITAL MANAGEMENT REFORMS DIRECT TO

OF AUTHORITY MEMBERS TO EXPLAIN THE MISSION, PHILOSOPHY AND WORK PLAN THE AUTHORITY TO HOSPITAL STAFF," SIR S.Y. SAID. THE FIRST VISIT TAKE PLACE ON JANUARY 10, 1991.

WILL

THE NEXT PLENARY MEETING OF THE AUTHORITY WILL BE HELD IN WEEKS' TIME.

FOUR

PETITION FOR WINDING-UP OF GRAND UNION INSURANCE COMPANY LTD

THE INSURANCE AUTHORITY HAS TODAY (TUESDAY) PRESENTED A PETITION TO THE HIGH COURT FOR THE WINDING-UP OF GRAND UNION INSURANCE COMPANY LIMITED ("THE COMPANY").

THE DATE FOR THE HEARING OF THE PETITION HAS BEEN FIXED AT JANUARY 21, 1991.

THE COURT HAS IN THE MEANTIME APPOINTED THE OFFICIAL RECEIVER TO BE THE PROVISIONAL LIQUIDATOR OF THE COMPANY.

THE COMPANY WAS INCORPORATED IN HONG KONG IN FEBRUARY 1966. HOWEVER, IT HAD BEEN REQUIRED BY THE INSURANCE AUTHORITY ΤΟ STOP WRITING DIRECT INSURANCE BUSINESS AS FROM JANUARY 14, 1989, AND SUBSEQUENTLY, ON AUGUST

1989, TO CEASE WRITING ALL INSURANCE BUSINESS AND TO ENGAGE IN A RUN-OFF OF ITS OUTSTANDING LIABILITIES.

8.

THE COMPANY WAS MAINLY ENGAGED IN WRITING OVERSEAS REINSURANCE BUSINESS, ALTHOUGH A SMALL VOLUME OF DIRECT BUSINESS HAD BEEN WRITTEN IN HONG KONG. THERE ARE NO CURRENT POLICIES IN FORCE.

THE OFFICE OF THE COMMISSIONER OF INSURANCE STATED THAT THE ACTION AGAINST THE COMPANY WAS CONSIDERED DESIRABLE то PROTECT THE INTERESTS OF THE COMPANY'S INSURANCE CREDITORS.

WAS

THE INSURANCE AUTHORITY WAS NOT SATISFIED THAT THE COMPANY ABLE TO CONTINUE ITS RUN-OFF OF OUTSTANDING CLAIMS IN AN ORDERLY MANNER.

THE GROUNDS FOR THE WINDING-UP OF THE COMPANY WERE IN THE MAIN THAT IT WAS UNABLE TO PAY ITS DEBTS WHEN DUE, THAT IT HAD NOT КЕРТ PROPER BOOKS OF ACCOUNT, AND THAT IT WAS EXPEDIENT IN THE PUBLIC INTEREST THAT IT SHOULD BE WOUND UP.

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