Registrar-Generals-Department-Annual-report-1971-1972 — Page 40

or that its members have not been given all the information with respect to its affairs that they might reasonably expect. During the year an inspector was appointed under this section to investigate the affairs of a company. This was the first occasion on which an inspector had been appointed since the foregoing provisions were incorporated into the Companies Ordinance in 1963.

Insurance Companies

95. 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 Acts 1958-1967 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 XI lists the Ordinances and subsidiary legislation relating to insurance companies.

96. 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 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 1972 there were 226 insurance com- panies conducting the regulated classes of business. Table XVIII gives an analysis of these according to country of incorporation and class of business transacted. As will be seen from this 68 companies were domiciled in the United Kingdom, 62 in Hong Kong, and 33 in the United States. 71 companies transact life business, 143 fire, 139 marine, and 95 motor vehicle third party risks business. The 226 companies include 14 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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