Insurance protection

PUBLISHED : Thursday, 01 February, 1996, 12:00am
UPDATED : Thursday, 01 February, 1996, 12:00am

PROPOSED amendments to the Insurance Companies Ordinance to strengthen protection for people buying insurance are to be gazetted tomorrow.

The main amendments proposed are to increase the minimum capital requirement for both general and long-term business, to boost the minimum solvency margin in respect of general business and to restrict the use of the words insurance or assurance in business names to parties regulated under the ordinance.