TNAG-1732-FCO40-2445-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 105

SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY IN LEGISLATIVE COUNCIL WEDNESDAY 8 JUNE 1988

Insurance Companies (Amendment) B 1988

FINANCIAL SECRETARY:

Sir,

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I must again thank Miss Tam and Members of the Aả Hoc group for their careful scrutiny of this Bill. I fully support the Committee Stage amendments now proposed.

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As in the case of the Commissioner of Banking and

Commissioner for Securities, the Insurance Authority will

be under a statutory duty to satisfy himself as to the

adequacy of secrecy provisions in the overseas jurisdiction

before he may release information to the overseas

regulatory authority in question. In practice, the

Insurance Authority will perform this duty in the same

manner as the Commissioner for Securities.

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in her speech on the Second Reading of this Bill,

As to the assurance sought by Miss Tam I can

confirm that in addition to ensuring that information

provided to overseas supervisors is adequately safeguarded,

the Insurance Authority will have careful regard to the

interests of

of the local insurance industry in dertermining how he exercises his powers to disclose information.

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