Registrar-Generals-Department-Annual-report-1963-1964 — Page 31

Council must be obtained for transacting motor vehicle third party risks insurance business. Part II of Table XVI lists the Ordinances and subsidiary legislation relating to insurance companies.

86. In view of Hong Kong's great importance as a shipping and commercial centre, it is also inevitably a great insurance centre, in which companies from all over the world compete with the local companies, old and new, for the large amount of business available. Since the only companies regulated by statute are those conducting life, fire, marine and motor vehicle third party risks business, records are at present kept only of the companies conducting those classes of business. However, as there can be few companies which conduct only other classes of business the records kept must include practically all companies. As at 31st March, 1964 there were 202 insurance companies conducting the regulated classes of business. Table XV gives an analysis of these according to country of incorporation and class of business transacted. As will be seen from this 63 companies were domiciled in the United Kingdom, 45 in Hong Kong, and 32 in the United States. 40 companies transact life business, 144 fire, 136 marine, and 92 motor vehicle third party risks. The 202 companies include 12 which commenced doing these classes of business during the year, 3 life, 5 fire, 4 marine, and 6 motor vehicle third party risks. Most of the foreign companies operate through agents, but some have established their own branch offices in the Colony.

Deposits by Fire, Marine and Life Insurance Companies

87. The deposits made by 51 insurance companies with the Registrar of Companies under the Fire and Marine Insurance Companies Deposit Ordinance (Cap. 34), and those made by 25 companies under the Life Insurance Companies Ordinance (Cap. 36), are shown in Tables XIII and XIV respectively.

Trust Companies

88. One new Trust Company was registered under Part VIII of the Trustee Ordinance (Cap. 29) bringing the number of Trust Companies on the register to three.

Money-Lenders

89. Eighteen money-lenders licences were issued under the Money- Lenders Ordinance (Cap. 163) one more than in 1962-63. The fee for such a licence is $500 per annum.

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