11876-1909-Bills-read-a-first-time--Public-Health-and-Buildings-Amendment- — Page 6

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............and ending...........

THE HONGKONG GOVERNMENT GAZETTE, APRIL 2, 1909.

(FORM referred to under beading No. 6, in the Fifth Schedule.)

Consolidated Revenue Account of the ....

.for................................years

新

Amount of funds on...

19...,...the beginning of

Premiums (after deduction of re-assurance premiums)

Consideration for annuities granted

Interest and dividends

Other receipts (accounts to be specified)

Claims under policies (after deduction of sums re-assured) Surrenders

Annuities

Commission -

I

Expenses of management

Dividends and bonuses to shareholders (if any)

Other payments (accounts to be specified)

E

I

Amount of funds on.........................19........—the end of the period, as per First (or Third) Schedule

-

commencing....

Objects and Reasons.

This Bill proposes to effect certain amendments in The Life Insurance Companies Ordinance which was 'passed last year.

That Ordinance has received the careful consideration of the Actuarial Adviser of the Board of Trade and the amend- ments are based on his suggestions.

Section 6 provides a trust fund in respect of policies issued in the Colony and as it is considered undesirable to create preferential charges or deposits and also as no corresponding provision is contained in the Imperial Acts it is proposed to delete the section.

Section 9 sub-section (3) is regarded as unworkable or inoperative in practice and the amendment is considered preferable and practicable.

Section 24 provides a special test of solvency and various reasons are urged against it and (inter alia) that the "Actuaries table is obsolete. The section is so amended as to leave it to the Court to determine in view of all the circumstances as to the solvency or insolvency of a Company.

W. REES DAVIES,

Attorney General.

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