Chapter

The Formation and Evolution of Industry Supervision

Feng Bangyan and Nyaw Mee Kau

in Enriching Lives

Published by Hong Kong University Press

Published in print December 2010 | ISBN: 9789888028702
Published online September 2011 | e-ISBN: 9789882206946 | DOI: http://dx.doi.org/10.5790/hongkong/9789888028702.003.0006
The Formation and Evolution of Industry Supervision

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The earliest government regulations on the insurance industry were embodied in laws governing other economic activities, such as the Companies Ordinance and the Workmen's Compensation Ordinance. In the 1950s, the Hong Kong government set about laying down laws for the insurance sector. Hence, both the Third Party Ordinance and the Motor Vehicles Insurance Ordinance were enacted. In 1961, Hong Kong's legislature passed the Marine Insurance Ordinance, based on Britain's Marine Insurance Act of 1906, which was drafted by Sir Mackenzie Dalzell Chalmers, the parliamentary counsel to the Treasury. This act has stood as the model marine insurance act for many other countries. However, even before the mid-1970s, primarily reflecting its laissez faire economic policy, the government's supervision of the sector was rather lax. All it took to start a business was to show some cash, and not much for that matter.

Keywords: government regulations; insurance industry; Companies Ordinance; Workmen's Compensation Ordinance; Hong Kong; Third Party Ordinance; Motor Vehicles Insurance Ordinance; Mackenzie Dalzell Chalmers; laissez faire

Chapter.  5026 words.  Illustrated.

Subjects: Asian History

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