XN000022-1991-03-14 — Page 11

THURSDAY, MARCH 14, 1991

10

REGULATORY FRAMEWORK ESSENTIAL FOR INSURANCE INTERMEDIARIES

THE OFFICE OF A REGULATORY INTERMEDIARIES, A SPOKESMAN

THE INSURANCE INDUSTRY IS NOW WORKING CLOSELY WITH OF THE COMMISSIONER OF INSURANCE IN THE DEVELOPMENT FRAMEWORK FOR THE CONTROL OF

INSURANCE

FOR THE OFFICE SAID TODAY (THURSDAY).

OF INSURANCE A SUITABLE REGULATORY FRAMEWORK FOR THE CONTROL

AND BROKERS IS ESSENTIAL FOR INTERMEDIARIES WHICH ARE AGENTS

THE HONG KONG, CONTINUED HEALTHY DEVELOPMENT OF THE INSURANCE MARKET IN THE SPOKESMAN SAID.

IN

OF INSURANCE, ESTABLISHED THE OFFICE OF THE COMMISSIONER JUNE 1990 TO TAKE OVER THE RESPONSIBILITIES OF THE INSURANCE DIVISION

WAS DEPARTMENT,

PLEASED TO NOTE THE OF THE REGISTRAR GENERAL'S

BY MEASURES SELF-REGULATORY

THE INSURANCE DEVELOPMENTS REGARDING

AND POLICY INDUSTRY TO ENHANCE THE PROTECTION OF INSURANCE CLAIMANTS HOLDERS.

INSURANCE CLAIMS TO DEAL WITH CLAIMS UP то WAS ESTABLISHED IN FEBRUARY

THE OFFICE WAS ALSO PLEASED TO NOTE THAT THE COMPLAINTS BUREAU, AN INDEPENDENT RODY $250,000 BY INDIVIDUAL POLICY HOLDERS, 1990, THE SPOKESMAN SAID.

ACCORDING TO'

STATISTICS

RELEASED BY

THE OFFICE, FIVE NEW WERE AUTHORISED TO

INSURERS, ONE LOCAL AND FOUR OVERSEAS COMPANIES, CARRY ON INSURANCE BUSINESS IN OR FROM HONG KONG IN 1990.

"DURING THE SAME YEAR, A RESULT OF THEIR CESSATION SAID.

AUTHORISED 16 INSURERS CEASED TO BE OF INSURANCE BUSINESS,

'AS AT DECEMBER 31, 1990 THERE REPRESENTING OPERATING IN HONG KONG, DECEMBER 31, 1989," HE SAID.

OF

THE 262 AUTHORISED

INSURERS

AS

THE SPOKESMAN

WERE 262 AUTHORISED INSURERS NET DECREASE OF 11 SINCE

A

INSURERS,

123 WERE HONG

KONG

36

WERE

EIGHT

OVERSEAS,

IN BERMUDA, EACH OF CANADA, FRANCE

THE

INCORPORATED INCORPORATED. OF INCORPORATED IN THE UNITED KINGDOM, 27 IN USA, 10 IN JAPAN, SEVEN IN SWITZERLAND, AND FIVE IN AND SINGAPORE.

EIGHT APPLICATIONS FOR AUTHORISATION WERE RECEIVED YEAR, COMPARED WITH THREE FOR THE PREVIOUS (1989) YEAR.

DURING THE

PENDING APPLICATIONS BUSINESS AND THREE ΤΟ

AS AT DECEMBER 31, 1990 THERE WERE FOUR FROM NEW INSURERS, ONE RELATING TO LONG TERM GENFRAL BUSINESS, HE SAID.

-

"THE

INSURANCE

HAD AUTHORITY INTERVENTION ON 82 OCCASIONS DURING THE YEAR INSURERS, THE SPOKESMAN SAID.

EXERCISED

HIS

IN CONNECTION

OF POWER

WITH 37

/"TWO AMENDMENTS