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"Implementation of a full-fledged Appointed Actuary System such as that practised in those countries will enhance the protection of policy holders in Hong Kong.
"Given the proposed power, the Insurance Authority will be able to implement the full-fledged Appointed Actuary System by specifying standards for Appointed Actuaries to follow." he said.
The Bill also proposes to incorporate the detailed provisions of the Life Assurance Act 1774 of the UK into the Ordinance.
The spokesman said: " This Act requires that a person taking out an insurance contract must have an insurable (pecuniary) interest in the life or event insured.
"The Act currently applies to Hong Kong through the Application of English Law Ordinance. It is however referred to in title only in that Ordinance. It would be tidier if the provisions of the Act are incorporated into a local ordinance," the spokesman said.
The Bill also seeks to recognise that a parent or guardian has an insurable interest in the life of his/her child or ward. This is to rectify the anomaly recently identified by the insurance industry that juvenile policies, whereby a parent takes out insurance on the life of his/her child and naming the parent as a beneficiary, are illegal in Hong Kong following the UK's common law.
End
Bill to ensure safe handling of container
The Government will introduce a bill to set out the standard requirements for the testing, inspection and approval of containers, and to prescribe procedures for their maintenance, examination and control so as to ensure safety in their handling, stacking and transportation, a Marine Department spokesman said today (Tuesday).
The Freight containers (Safety) Bill, which will be presented to the Legislative Council on January 8 (Wednesday), is to extend the International Convention for Safe Containers 1972 and its amendments in 1981 and 1983 into Hong Kong.
No comments yet.
Private notes are available after approval.