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thirdly, to permit the Authority to approve the transfer of general business between insurers. This proposed amendment, which introduces a statutory mechanism for the transfer of general business with the approval of the Authority, will not only save time and costs for insurers but also ensure that policy holders are adequately protected.
Sir Hamish said further scope of improvements would include transparency in insurance products and services, for instance in the fixing of insurance premia and claims handling procedures; setting a reasonable time limit for payment of claims; providing more channels for policy holders to obtain information on insurance matters; and simplifying the wording of insurance policies.
End/Thursday, April 27, 1995
Hong Kong will remain successful after 1997
It was in China's best interest that Hong Kong would remain as successful as present after 1997, the Governor, the Rt Hon Christopher Patten, said.
Speaking in the Pensions 2000 Conference today (Thursday), Mr Patten said he hoped China would recognise the people of Hong Kong wanted to make a success of the transition and be trusted to make contribution towards that goal.
The Governor was confident that the economy of Hong Kong would survived the return of the territory to Chinese sovereignty in 1997.
"First of all, it's hugely in China's interest that Hong Kong should remain as successful as this," he said.
He admitted that there were concerns and anxieties about the future of Hong Kong. However, he believed that nobody would worry about what happened before June 30, 1997, but what lied beyond.
"And those worries can only really satisfactorily be resolved by China and by Chinese officials, not just in words but in deeds as well.
"Above all, by being more positive and more constructive in working with us to tackle some of the transitional issues which undoubtedly affect morale. here in the community," said the Governor.
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