XN000022-1991-03-13 — Page 14

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WEDNESDAY, MARCH 13, 1991

"SINCE THEN, THE CORPORATION'S

CONTINGENT

LIABILITY UNDER MILLION PER

CONTRACTS OF INSURANCE HAS RISEN AT A RATE OF ABOUT $150 QUARTER.

1, "AS AT FEBRUARY

1991, THE

FIGURE STOOD

AT

ABOUT

$5.7

BILLION.

"IN ADDITION, THERE IS POTENTIAL COMMITMENT IN RESPECT

ΤΟ AMOUNTING RENEWAL, POLICIES, AND POLICIES PENDING

SIR PIERS SAID. LEAVING ONLY $108 MILLION FOR NEW BUSINESS,

OF NEW $98 MILLION,

"

CORPORATION THE "GIVEN THIS RATE OF INCREASE, THE EXISTING STATUTORY LIMIT WILL BE REACHED VERY SOON,

ESTIMATES THAT

HE SAID.

"

JTS ADVISORY

SIR PIERS SAID THE CORPORATION, ON THE ADVICE OF BOARD, HAD THEREFORE RECOMMENDED THAT THE MAXIMUM CONTINGENT LIABILITY BE INCREASED BY $1,500 MILLION TO $7,500 MILLION.

RENDER WOULD LIMIT BUSINESS AND

DISCOURAGING HENCE

THE

CORPORATION

OUR

THIS "FAILURE TO RAISE UNABLE TO ACCOMMODATE FURTHER EXPORTS, HE SAID.

"I

WAS A THEORETICAL

STR PIERS ADDED THAT THE MAXIMUM LIABILITY CONTINGENT AMOUNT WHICH WAS NEVER LIKELY TO BE AT RISK IN TOTALITY ANY ONE TIME.

AT

FUND SEEKING MOTION PASSED

*

* *

COUNCIL THE LEGISLATIVE

TODAY ENABLE

(WEDNESDAY)

THE

A PASSED TO

MOTION CARRY ON

APRIL

ΤΟ

GOVERNMENT PROVIDING FUNDS ON ACCOUNT EXISTING SERVICES BETWEEN THE START OF THE FINANCIAL YEAR ON AND THE ENACTMENT OF THE APPROPRIATION BELL.

THE FUNDS INVOLVED AMOUNTED TO $44.5 BILLION.

MOVING THE MOTION

UNDER

THE PUBLIC

JACOBS, PIERS

HAD BREN

THE FUNDS ON REFERENCE

ORDINANCE, FINANCE

SAID THE FINANCIAL SECRETARY, THE HON SIR

DETERMINED BY ACCOUNT SOUGHT UNDER EACH SUBHEAD TO PERCENTAGES OF THE PROVISION SHOWN IN THE DRAFT ESTIMATES.

THE

ALSO

CHANGE,

PROVISION

THE

AS THE DRAFT ESTIMATES WERE CHANGED FROM TIME TO TIME, FINANCE COMMITTER OR UNDER DELEGATED POWERS, THE PERCENTAGES WRRE SECRETARY SAID.

WOULD APPLIED

BY THE ΤΟ WHICH FINANCIAL

CONSTANT

"THUS THE PROVISION ON ACCOUNT UNDER EACH HEAD IS NOT

INCREASE REING MATCHED BY AN EQUAL DECREASE. WITH EVERY

BUT MAY VARY,

"THE NITI PROVISION ON ACCOUNT UNDER EACH HEAD IS

SPEECH. A FOOTNOTE TO THE

SHOWN IN

"THE AGGREGATE

: