TNAG-1488-FCO40-2045-Hong-Kong-Insurance-Companies-(Amendment)-(No.-2)-Ordinance--1986 — Page 7

HONG KONG

LEGAL REPORT

Enclosure No. 2

THE INSURANCE COMPANIES (AMENDMENT) (NO. 2) ORDINANCE

1985

(No. 74 of 1985)

The object of this Ordinance is to amend the Insurance Companies Ordinance to improve the effectiveness of measures taken by the Insurance Authority to protect the interests of insurance policy holders or potential policy holders. In particular, it provides (in new section 35A) that the Insurance Authority may require an insurer under section 35 of the Insurance Companies Ordinance to make a bank deposit in the name of the Insurance Authority; and that no charge, of whatever nature, is to be created over such deposits. New section 35B requires accounts to be kept in respect of such deposits.

2.

Before the Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.

2

January 1986.

ATTORNEY GENERAL'S CHAMBERS,

HONG KONG.

Law Draftsman.