TNAG-1729-FCO40-2442-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 286

SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL : 27 APRIL 1988

He said:

Sir,

Insurance Companies Ordinance

Insurance Companies (Amendment) Bill 1988

I move that the Insurance Companies (Amendment)

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Bill 1988 be read a second time.

second time.

objectives.

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The Bill has three main objects> First, it

clarifies the rights and obligations of the Insurance

Authority on the disclosure of information to domestic and

overseas regulatory authorities. Secondly, it gives the

Authority a discretion to determine when conditions

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imposed at the time of authorisation of an insurance

company should be revoked. Thirdly, it empowers the Authority to withdraw authorisation where an authorised

insurer has ceased to carry on any class or part of any

class of insurance business.

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3.

There are currently no provisions in the

Insurance Companies Ordinance governing official secrecy

or the disclosure of information. The Insurance

Authority's position is therefore uncertain. For reasons

similar to those I gave when moving the second reading of

the Securities (Amendment) Bill a moment ago, this causes

problems for those involved on the regulatory side. So