XN000022-1993-03-16 — Page 12

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TUESDAY, MARCH 16, 1993

ABOUT

MISS CHUNG SAID THE DEVELOPMENTS HAD REQUIRED AN INVESTMENT OF $10 BILLION, WITH TWO-THIRDS COMING FROM THE PUBLIC SECTOR AND THE BALANCE FROM THE PARTNER DEVELOPER.

LAND

OF

TO THE NORTH OF THE EXISTING DEVELOPMENT ZONE, 240 HECTARES HAVE BEEN BARMARKED AS A RESERVE ZONE FOR LONGER TERM

DEVELOPMENT.

MISS CHUNG ALSO NOTED THAT THE OPENING OF TIN SHUI WAI NEW TOWN COINCIDED WITH THE 20TH ANNIVERSARY OF THE NEW TOWNS PROGRAMME.

"THIS PROGRAMME HAS COMPLETELY TRANSFORMED THE FACE OF THE NEW TERRITORIES."

THE INITIAL 10 YEARS TARGET IN 1973 WAS TO DEVELOP THREE NEW TOWNS TO HOUSE 1.8 MILLION PEOPLE.

IN THE FOLLOWING DECADE, FIVE MORE TOWNS WERE DEVELOPED. SAW THE DECISION TO PLAN THE NINTH NEW TOWN AT TUNG CHUNG.

THE NEW TOWNS NOW PROVIDE HOME FOR 3.5 MILLION RESIDENTS.

1989

0

REGULATION OF INSURANCE INDUSTRY MAKING GOOD PROGRESS

**

GOOD PROGRESS IS BEING MADE IN IMPROVING THE REGULATION OF THE INSURANCE INDUSTRY, THE COMMISSIONER OF INSURANCE, MR NIGEL SHIPMAN, SAID TODAY (TUESDAY).

AT A PRESS CONFERENCE TO INTRODUCE HIS OFFICE'S ANNUAL REPORT FOR 1992, HE NOTED THAT THE INSURANCE AUTHORITY HAD REACHED AGREEMENT DURING THE YEAR WITH THE INDUSTRY REGARDING THE REGULATION OF INSURANCE AGENTS.

"ALL INSURANCE AGENTS ARE NOW REQUIRED TO BE REGISTERED WITH A CENTRAL REGISTRATION BOARD.

"THE REGISTRATION OF AGENTS BEGAN IN JANUARY 1993. AN AGENT MAY ONLY REPRESENT UP TO FOUR PRINCIPALS, SUBJECT TO A MAXIMUM OF TWO FOR LIFE INSURANCE, HE SAID.

*FURTHERMORE, INSURERS HAVE AGREED TO ACCEPT RESPONSIBILITY FOR THE ACTIONS OF THEIR INSURANCE AGENTS, HE EXPLAINED.

"

MR SHIPMAN ALSO NOTED THAT A UNIFIED BODY TO BE RESPONSIBLE FOR THE SELF-REGULATION OF INSURANCE BROKERS HAD RECENTLY BEEN FORMED.

UNDER THE PROPOSED REGULATORY SYSTEM, AN INSURANCE BROKER WOULD BE REQUIRED TO MEET APPROPRIATE PROFESSIONAL, STANDARDS AS A CONDITION OF REGISTRATION, HE SAID.

/"LEGISLATION IS