TNAG-1488-FCO40-2045-Hong-Kong-Insurance-Companies-(Amendment)-(No.-2)-Ordinance--1986 — Page 3

T Smith Esq

HKD

FCO

Dear Tom,

BRITISH EMBASSY PEKING

19 May 1986.

M. Thomas

CHINESE INSURANCE FIRMS IN HONG KONG INCREASE CAPITAL

1.

A report in NCNA of 12 May stated that, according to the People's Insurance Company of China, two Hong Kong-based Chinese insurance companies had increased their capital this year over 1985: the China Life Insurance Company from ¥5 million to ¥20 million; and the China Reinsurance Company from HK $30 million to HK $80 million (though its authorised capital rose from HK $50 million to HK $100 million). The business of Chinese insurance companies in Hong Kong rose by 10% in 1985.

2.

The report added that this year the Hong Kong Mingan Insurance Company Limited and the China Baolian Investment Company Limited plan to raise their actual capital from HK $50 million to HK $100 million and from HK $100,000 to HK $10 million respectively. China had established in Hong Kong a fairly complete insurance system with specialised companies dealing in property insurance, life insurance, reinsurance, investment and securities.

CC:

Yours

ever

Ramela.

Pamela Major (Ms) Chancery

C T Wood Esq, APA

Hong Kong

HKK 10215

RECEIVED IN REGISTRY

- 2 JUN 1986

DESK OFFICER

INDEX

PA

REGISTRY

Adiuu Taken

AB2/6

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