XN000022-1992-07-15 — Page 11

WEDNESDAY, JULY 15, 1992

IT IS PROPOSED THAT THE ORDINANCE BE AMENDED SO AS TO DESIGNATE THE MANAGEMENT OF RETIREMENT SCHEMES AS A CLASS OF LONG-TERM BUSINESS.

IT IS ALSO PROPOSED THAT THE PRESCRIBED PERSONS (AUDITORS ACCOUNTANTS AND ACTUARIES) SHOULD BF PROTECTFD AGAINST POSSIBLE LIABILITY FOR BREACH OF THEIR DUTY OF CONFIDENTIALITY TO CLIENTS WHEN COMMUNICATING IN GOOD FAITH WITH THE INSURANCE AUTHORITY.

THE INSURERS WILL ALSO BE REQUIRED TO NOTIFY THE INSURANCE AUTHORITY OF ANY CHANGE OR PROSPECTIVE CHANGE

OF AN AUDITOR OR ACTUARY, AS SUCH CHANGES MAY SIGNIFY POSSIBLE IRREGULARITIES OPERATION OF AN INSURER'S AFFAIRS.

IN ADDITION, THE INSURANCE AUTHORITY WILL DISCLOSE INFORMATION RELATING ΤΟ A PRESCRIBED APPROPRIATE PROFESSIONAL ASSOCIATION FOR THE DISCIPLINARY PROCEEDINGS.

BE

IN THE

EMPOWERED ΤΟ PERSON ΤΟ THE PURPOSE OF ANY

DEBATE ON THE BILL WAS ADJOURNED.

0

BUSINESS REGISTRATION OFFICE TO UPGRADE RECORD-KEEPING

A BILL THAT AIMED TO FREE THE BUSINESS REGISTRATION OFFICE FROM THE REQUIREMENT TO KEEP PAPER-BASED RECORDS INDEFINITELY WAN INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MOVING THE SECOND READING OF THE BUSINESS REGISTRATION (AMENDMENT) BILL 1992, THE SECRETARY FOR THE TREASURY, MR K.Y. YEUNG, SAID THE OFFICE WAS UPGRADING ITS EQUIPMENT AND CHANGING PROCEDURES, WITH A VIEW ΤΟ SERVING THE BUSINESS COMMUNITY EFFICIENTLY.

ITS MORE

IN FUTURE THE OFFICE WILL KEEP ITS RECORDS BOTH ON MICROFILM AND ON A COMPUTER AND DELETE RECORDS OF BUSINESSES WHICH HAVE CEASED TO OPERATE FOR 10 YEARS OR MORE.

THIS NEW STREAMLINED METHOD OF DATA STORAGE AND RETRIEVAL WILL RESULT NOT ONLY IN SIGNIFICANT STAFF SAVINGS BUT ALSO PROVIDE THE BUSINESS COMMUNITY WITH A MUCH MORE EFFICIENT SERVICE," HE SAID.

THE BILL ALSO INCLUDES MINOR AMENDMENTS ΤΟ PROVIDE FOR REGISTRATION OF A NEW BRANCH OF A BUSINESS AND TO REVISE THE LEVEL FINE FOR NON-COMPLIANCE WITH THE ORDINANCE FROM $2,000 TO $5,000.

DEBATE ON THE BILL WAS ADJOURNED.

0

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