Insurance Authority

PUBLISHED : Thursday, 30 January, 1997, 12:00am
UPDATED : Thursday, 30 January, 1997, 12:00am

I refer to a report in Business Post (January 28) headlined 'Insurance body set for independence'.

I regret to note that two of the statements in the report attributed to me did not reflect accurately what I said.

One of our policy commitments is to consider the establishment of the Insurance Authority as an independent regulatory body.

I said my office was currently examining the costs and benefits of this initiative under different assumptions with regard to the organisation structure of an independent Insurance Authority, and that I aimed to submit a report to the Financial Services Branch in April-May this year.

I have never said that the 'Insurance Commission hopes to become fully independent this year'.

With regard to the future of the Registry of Occupational Retirement Schemes, I said that the matter had to be considered in the context of the proposed establishment of a Mandatory Provident Fund Authority.

I have never suggested that the position of the Registrar of Occupational Retirement Schemes 'should be combined with the Mandatory Provident Fund Authority'.

I hope the above clarification will enable your readers to know exactly what my office is doing in this matter.

ALAN WONG Commissioner of Insurance