XN000022-1994-04-12 — Page 2

TUESDAY, APRIL 12, 1994

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INSURANCE INDUSTRY HAS TO RESPOND TO GROWING DEMANDS

THE

F

FOR

INSURANCE INDUSTRY HAS TO RESPOND TO GROWING PRESSURF LOWFR-PRICFD INSURANCE PRODLOTS AND MORE TRANSPARENCY IN THE OPERATIONS OF THE MARKET, THE GOVERNOR, THE KI HON CHRISTOPHER PATTEN, SAID TONIGHT (TUESDAY).

FI

GREATER DISCLOSURE OF THE RELEVANT FACTS AND FIGURES REMOVES MŪSUNDERSTANDING AND INSPILS IN THE PUBLIC MUCH GREATER CONFIDENCE, BE SAID.

SPEAKING AT THE ANNUAL DINNER OF THE HONG KONG INSURERS, THE GOVERNOR SALI! CONSUMEKS IN HONG KONG BETTER EDUCATED AND THEIR CHONES MORE SOPHISTICATED,

APART FROM ESSENIJAL REGULATION, THE INSURANCE PERMITTED AND ENCOURAGED TO REGULATE ITSELF, HE SAID.

-

FEDERATION

OF

WERE BECOMING

INDUSTRY

AND

"E AN KNCOURAGED THAT THE FEDERATION. THE MOST REPRESENTATIVE BODY OF THE INSURANCE INDUSTRY CONTINUPS VIGOROUSLY TO PROMOTE DEVELOP SELF-REGULATION," MB PATTEN SAID.

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"THE ESTABLISHMENT OF THE INSURANCE CLAIMS COMPLAINTS BUREAU BY THE FEDERATION IN 1990 WAS A MAJOR STEP FORWARD IN THE PROCESS.**

IT HAS PROVIDED THE INSURING PUBLIC WITH A FAIR AND INEXPENSIVE AVENUE OF REDRESS FOR COMPLAINTS OVER PERSONAL INSURANCE CLAIMS.

THE

MK PATTEN WELCOMED THE FEDERATION'S RECENTLY INTRODUCFD REGISTRATION SYSTEM FOR IKSPRANCE AGENTS AND CODE OF PRACTICE FOR ADMINISTRATION OF INSURANCE AGENTS.

HE ALSO APPRECIATED EFFORTS BY THE CONFEDERATION OF INSURANCE BROKERS AND OTHER RODIES [ RAISE PROFESSIONAL STANDARDS AMONG BROKERS.

"THESE MEASURES WILL HELP ENSURE THAT AGENTS AND BROKERS HAVE APPROPRIATE EXPERIENCE AND QUALIFICATIONS: ARE PROPERLY SUPERVISED AND DISCIPLINED, AND SO CAN PROVIDE GOOD SERVICE TO THEIR CUSTOMERS,

HF

SAID.

MULTILATERAL TRADE PRINCIPLES UNDERLINED

**

THE SECRETARY FOR TRADE AND INDUSTRY, MR T H CHAU, TODAY (TUESDAY) EMPHASISED THE IMPORTANCE OF ADHERING TO KEY PRINCIPLES IN THE MULTILATERAL TRADING SYSTEM DURING A SPEECH то DELEGATES ATTENDING THE MINISTERIAL CONFERENCE IN MARRAKESH, MOROCCO.

"THOSE PRINCIPLES HAVE BEEN A COMPASS TO US ALL, ORIENTING OUR TRADE RELATIONS TO COMMONLY AGREED POLES. REMOVE THOSE PRINCIPLES YOU REMOVE THE COMPASS, SAID MR CHAU,

"I

AND

/HE WAS