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part of the policy holder and beneficiary.

By way of

example of the mischief described, I regret to

say that

prior to 1774 there were recorded instances of jurors in

England effecting policies on the lives of defendants

charged with capital offences.

4.

This requirement to state the names of all the

parties is now out of tune with market practice in

relation to group life assurance policies, and accordingly

the effect of section 2 of the Life Assurance Act 1774 has

been modified in the United Kingdom. The proposed

amendment, if enacted, will provide that section 2 of the

1774 Act will not invalidate a policy of insurance for the

benefit of unnamed persons within a specified class or

description if the class or description is stated in the

policy and all persons who are entitled to benefit are

clearly identifiable. This amendment is in accordance

with the current law in the United Kingdom.

5.

The Insurance Advisory Committee, the Hong Kong

Life Insurance Council, and the Insurance Council of Hong

Kong have all been consulted and support the proposed

amendment.

6.

Sir, I move that the debate on this motion be

adjourned.