Registrar-Generals-Department-Annual-report-1966-1967 — Page 34

By Members' Voluntary Winding-up By Creditors' Voluntary Winding-up By Winding-up by the Court

Liquidations begun prior to 1.4.66

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begun during 1966-67

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Insurance Companies

84. Local and foreign insurance companies which wish to transact life, fire or marine insurance business in Hong Kong must comply with the provisions of the Life Insurance Companies Ordinance and Fire and Marine Insurance Companies Deposit Ordinance respectively. In addition to the filing of annual accounts, these Ordinances require deposits to be made with the Registrar of Companies unless the company qualifies for exemption by complying with the Insurance Companies Act 1958 in Great Britain, or in the case of fire and marine insurance by maintaining similar deposits elsewhere in the Commonwealth. The approval of the Governor in Council must be obtained for transacting motor vehicle third party risks insurance business. Part II of Table IX lists the Ordinances and subsidiary legislation relating to insurance companies.

85. Hong Kong is 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 com- panies 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 1967 there were 208 insurance companies conducting the regulated classes of business. Table XVI gives an analysis of these according to country of incorporation and class of business transacted. As will be seen from this 65 companies were domiciled in the United Kingdom, 49 in Hong Kong, and 33 in the United States. 45 companies transact life business, 151 fire, 140 marine, and 95 motor vehicle third party risks business. The 208 companies include four which commenced doing these classes of business during the year. Most of the foreign companies operate through agents, but some have established their own branch offices in the Colony.

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