XN000022-1993-11-11 — Page 4

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THURSDAY, NOVEMBER 11, 1993

CLAUSE 4 OF THE BILL THUS SETS OUT THE MAJOR PROVISIONS FOR THE REGULATION OF INSURANCE AGENTS AND BROKERS.

THE SPOKESMAN SAID: "SECTION 65 PROVIDES THAT AGENTS PROPERLY APPOINTED AND LIMITS THE NUMBER OF INSURERS AN REPRESENT.

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"TO ENHANCE TRANSPARENCY IN REPRESENTATION, EVERY INSURER IS REQUIRED, UNDER SECTION 66, TO MAINTAIN A REGISTER OF ITS AGENTS FOR PUBLIC INSPECTION AND, UNDER SECTION 67, TO COMPLY WITH THE CODE OF PRACTICE IN ITS ADMINISTRATION OF INSURANCE AGENTS.

INSURERS ARE HELD RESPONSIBLE FOR THE CONDUCT OF THEIR APPOINTED AGENTS AND THE LIABILITIES OF THE INSURERS ARE SPECIFIED SECTION 68."

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HE SAID AUTHORISATION OF BROKERS WAS PROVIDED FOR IN SECTIONS 69 AND 70.

TO GIVE ADEQUATE PROTECTION TO POLICY HOLDERS, SECTION 71 REQUIRES ALL BROKERS TO KEEP CLIENTS' MONIES IN SEPARATE ACCOUNTS, WHILE SECTION 72 REQUIRES THAT AUTHORISED INSURANCE BROKERS BE SUBJECT TO REGULAR AUDIT.

THE AUTHORITY IS GIVEN CERTAIN POWERS TO STRENGTHEN HIS SUPERVISORY EFFECTIVENESS UNDER THE BILL.

SECTION 73 ALLOWS THE AUTHORITY TO REQUIRE PRODUCTION OF BOOKS AND RECORDS.

SECTIONS 74 AND 75 ENABLE THE AUTHORITY то WITHDRAW AUTHORISATION OF BROKERS AND TO APPLY FOR WINDING UP OF INTERMEDIARIES UNDER SPECIFIED CIRCUMSTANCES.

THE BILL ALSO PROVIDES FOR EXEMPTIONS AND OFFENCES AGAINST NON- COMPLIANCE WITH THE STATUTORY PROVISIONS.

THE BILL IS SCHEDULED FOR INTRODUCTION INTO THE LEGISLATIVE COUNCIL ON NOVEMBER 24.

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IMPROVEMENT IN PUBLIC WORKS SPENDING

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THE ACTUAL EXPENDITURE OF THE PUBLIC WORKS PROGRAMME THE CURRENT FINANCIAL YEAR HAS BEEN CLOSELY FOLLOWING INTENDED EXPENDITURE PATTERN, REPRESENTING A MAJOR IMPROVEMENT OVER LAST YEAR.

THIS WAS STATED BY THE SECRETARY FOR WORKS, MR JAMES BLAKE, AT BRIEFING FOR MEMBERS OF THE LEGISLATIVE COUNCIL'S PUBLIC WORKS SUB-COMMITTEE TODAY (THURSDAY).

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