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THURSDAY, MARCH 16, 1993

"LEGISLATION IS BEING PREPARED TO SUPPORT THIS SYSTEM OF SELF- REGULATION, IN PARTICULAR BY PROVIDING THAT NO ONE MAY HOLD HIMSELF OUT TO BE AN INSURANCE INTERMEDIARY UNI ESS HE IS A REGISTERED AGENT OR BROKER OR HAS OTHERWISE BEEN AUTHORISED BY THE INSURANCE AUTHORITY," HE ADDED.

"WHILE THE PROCESS OF REVIEWING AND UPDATING OF THE INSURANCE LEGISLATION WILL CONTINUE, IT IS ALSO DESIRABLE THAT THE INDUSTRY ITSELF SHOULD BE ENCOURAGED TO MOVE TOWARDS A SUCCESSFUL SELF- REGULATORY SYSTEM WHICH COULD PROVIDE GREATER FLEXIBILITY AND RESPONSIVENESS, MR SHIPMAN SAID.

++

HE POINTED OUT THAT IN 1993, THE ROLE OF HIS OFFICE WOULD BE EXTENDED ΤΟ THE REGISTRATION OF OCCUPATIONAL RETIREMENT SCHEMES IN HONG KONG,

NOTING THAT THE REGISTRATION SYSTEM WOULD TAKE EFFECT IN MID- ·

ASSURANCE THAT RETIREMENT BENEFITS PROMISED BY EMPLOYERS WILL BE PAID

THE EMPLOYEES AND WILL ALSO PROVIDE A SOLID FOUNDATION FUTURE COMPULSORY RETIREMENT PROTECTION SCHEME IN HONG KONG.

1993, HE SAID: "THIS PROCESS WILL PROVIDE A GREATER DEGREE OF

TO

FOR ANY

COMPANIES

THE YEAR 1992 ALSO SAW AMENDMENTS TO THE INSURANCE ORDINANCE WHICH REMOVED THE EXEMPTION FOR UK-AUTHORISED INSURERS FROM CERTAIN AUTHORISATION REQUIREMENTS.

THE AMENDED ORDINANCE ALSO EMPOWERED THE INSURANCE AUTHORITY TO APPOINT AN ADVISER ON THE AFFAIRS OF AN INSURER AND/OR TO APPOINT A MANAGER TO ASSUME MANAGEMENT CONTROL OF AN INSURER IN CERTAIN SPECIFIED CIRCUMSTANCES, MR SHIPMAN SAID.

DURING THE YEAR, THE INSURANCE COMPANIES (AMENDMENT)

BILL WAS GAZETTED.

(NO. 3)

"ITS OBJECT IS, INTER ALIA, TO PERNIT INFORMATION ΤΟ BE DISCLOSED TO THE INSURANCE AUTHORITY BY THE AUDITOR OR ACTUARY OF AN INSURER AND TO INTRODUCE TO THE ORDINANCE THREE NEW CLASSES OF LONG TERM BUSINESS RELATING TO THE PROVISION OF RETIREMENT BENEFITS, HE SAID.

·

ACCORDING TO THE ANNUAL REPORT PUBLISHED TODAY, THERE WERE 233 AUTHORISED INSURERS OPERATING IN HONG KONG AS AT DECEMBER 31, 1992.

OF THEM, 106 WERK INCORPORATED IN HONG KONG. AMONG THE INSURERS INCORPORATED OVERSEAS, 32 WERE INCORPORATED IN THE UK, 21 IN THE USA, NINE IN BERMUDA, EIGHT IN JAPAN, SEVEN IN SWITZERLAND, FIVE IN EACH OF CANADA, FRANCE AND SINGAPORE, AND FOUR IN CHINA.

DURING $992 TWO

WAS

HAD

NEW INSURERS WERE AUTHORISED TO CARRY ON INSURANCE BUSINESS, AND THE AUTHORISATION OF NINE INSURERS WITHDRAWN, PRIMARILY ON THE GROUNDS THAT THE COMPANIES CONCERNED CEASED TO CARRY ON INSURANCE BUSINESS IN HONG KONG.

/ON THE