19
Statutory
Name of Company
Deposit
Required
TABLE X--Contd.
Nature of Securities Deposited
Middle Market
Market Valuc as at 31st March, 1958 31st March, 1958
Price on
Brought forward
5,500,000
Brought forward
Taisho Marine & Fire Insurance Co., Ltd.
Tokio Marine & Fire Insurance Co., Ltd.
100,000
...
100,000
$100,000 Fixed Deposit with H.K. & S. Bank,
H.K. $100,000 Deposit at call with H.K. & S. Bank,
H.K.
•
+
Universal Insurance & Indemnity Co.
200,000
$200,000 Deposit at call with H.K. & S. Bank,
H.K.
United Builders Insurance Co., Ltd.
Wing On Fire & Marine Insurance Co., Ltd.
100,000
$100,000 Fixed Deposit with H.K. & S. Bank,
H.K.
200,000
$200,000 Deposit at call with H.K. & S. Bank,
H.K.
$6,200,000
$
5,451,231.50
100,000.00
100,000.00
200,000.00
100,000.00
200,000.00
$6,151,231-50
Notes:
1. Under the former Section 11(1) of the Ordinance certain companies were exempted from making deposits in respect of fire and marine insurance business because they maintained deposits worth HK$200,000 in Singapore under the Singapore Fire Insurance Companies Ordinance. Under the present Section 11(4), which was introduced into the Ordinance by the Fire and Marine Insurance Companies Deposit (Amendment) Ordinance No. 25 of 1953 in place of the former Section 11(1), such deposits only entitle the companies to exemption from having to maintain deposits in respect of fire insurance business. These companies are therefore now being requested to make deposits in respect of marine insurance business.
2. The deposit by the China Insurance Company Ltd. was made in 1940 in respect of fire, marine and life insurance business, but has never been allocated among these classes of business. The Company is being asked to agree to an allocation of the deposit and to make any necessary augmentation in respect of life insurance business.
W. K. THOMSON, Acting Registrar General, (Registrar of Companies). 26th September, 1958.
1. The above List has been examined in accordance with Colonial Regulation 257. I have obtained all the information and explanations that I have required, and I certify, as a result of this audit, that in my opinion the List is correct, subject to the following observation.
2. One company whose deposit is secured in part by mortgage has failed to comply with the Registrar's request to lodge approved securities.
AUDIT DEPARTMENT,
Hong Kong, 30th September, 1958.
W. H. WILLIAMS, Acting Director of Audit.
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