54022-1917-Supplementary-Fire-and-Marine-Insurance-Companies-Deposit-Bill — Page 6

525

FORM NO. 3.

Balance Sheet of the..

.on the...

19......

LIABILITIES.

Shareholders' capital

paid up (if any)

Fire Insurance fund....

Marine Insurance fund

Other funds (if any) to

be specified)

Claims admitted or inti- mated but not paid:

Fire Insurance

Marine Insurance.........

$ e.

$

e.

*Other sums owing by the in- surance company (to be stated separately under each head of business)

ASSETS.

Mortgages on property within

the Colony

Loans on securities (to be

specified)

Investments :-

Deposit with the Hongkong

Government

to be specified)

(securities

Deposits with other Govern- ments (securities to be specified)

Other securities (to be

specified)

Agents' balances.

Outstanding premiums

Outstanding interest, divi-

dends and rents

Interest accrued but not pay.

able.....

Bills receivable

Cash :-

On deposit

In hand and on current

account

Other assets (to be specified)

* These items are included in the corresponding items in Form No. 1. NOTE 1.-A balance sheet in the above form must be rendered in respect of each separate fund for which separate investments are made.

4

NOTE 2.-The balance sheet must state how the values of the securities are arrived at, and a certificate must be appended signed by the same persons as sign the balance sheet, to the effect that in their belief the assets set forth in the balance sheet are in the aggregate fully of the value stated therein, less any investment reserve fund taken into account.

NOTE 3.-If the insurance company carries on both fire and marine insurance business and does not keep its fire and marine insurance funds distinct, separate figures need not be given for the two classes of funds or claims.

Objects and Reasons.

This bill proposes to require all Fire and Marine Insurance Companies which carry on business in this Colony to make a deposit with the Registrar of Companies to the amount or value of $100,000. The object is to check the growth of mushroom companies which have no sound financial basis.

As the subject is a technical one which affects the general public only indirectly it does not seem necessary to explain in detail the provisions of this measure. They can be seen in the bill itself and in the regulations in the schedule.

J. H. KENP,

11th August, 1917.

1

Attorney General.

c.