ADDENDUM INSURANCE COMPANIES: NUMBER REGISTERED; DEPOSITS; BUSINESS; INVESTMENTS

Mr. J. M. Jumabhoy, pursuant to his reply to the following question not for oral answer asked on 16th July, 1958 (Official Report, 16th July, 1958, Volume 6, No. 6, Columns 541 to 542):

Mr R. Jumabhoy asked the Minister for Commerce and Industry if he will state -

(a) the names of companies transacting in business life, fore, marine and motor insurance in Singapore; the dates of their resignation; and in each case whether it is a local, Commonwealth or foreign company;

(b) the amount of deposit place by each company with the Accountant-General, Singapore; and in each case whether it is in local currency, local gilt-edged securities or securities of the countries of origin of the respective companies;

(c) the amount of business transacted in the Colony of Singapore by each of the companies from the available records either since the registration, or since the re-occupation of Singapore, or since 1st January, 1955, up to a latest convenient date, stating the premiums earned in the respective lines of insurance; and

(d) the present investments of each of the companies in the Colony, and the form of investments. supplied the following information on 12th August, 1958:-

(a) Details are given inthe list below, Insurance Companies(Cols 0669-0672)

(b) Every Life Insurance Company is required by Section 4 (1) of the Life Assurance Companies Ordinance, (Cap. 178) to deposit with the Accountant-General approved securities to the value of $200,000. Every Fire Insurance Company is required by Section 4 (1) of the Fire Insurance Companies Ordinance, (Cap. 177) to deposit with the Accountant-General approved securities to the value of $100,000.

However, an Insurance Company transacting life or fire insurance which has obtained from the Registrar of Companies under Section 27 (1) of the Life Assurance Companies Ordinance (Cap. 177) as the case may be, a declaration satisfying him that it has complied in the United Kingdom with the provisions of the Insurance Companies Act 1909 to 1946 as amended from time to time or it has made deposits in the Federation of Malaya in accordance with the provisions of any written law relating to Insurance Companies in force in the Federation of Malaya, so long as it complies with such provisions or maintains such deposits, is exempted from the requirement to deposit securities with the Accountant-General, Singapore.

In accordance with a policy decision with regard to Insurance Companies transacting Motor Insurance, Companies registered with the Board of Trade in London may be approved insurers without being required to make a deposit but any Company not so registered may be required to make a deposit which should normally be $100,000.

There is no local legislation specifically relating to the operation of Marine Insurance Companies.

The list below gives particulars of deposits placed with the Accountant-General in Singapore by Life, Fire and Motor Insurance Companies. Insurance Companies(Cols 0675-0676)

(c) No information is available showing the amount of business transacted or premiums collected in Singapore by the various Insurance Companies.

(d) No information is available regarding the extent or value of investments in Singapore by Foreign or Commonwealth Insurance Companies. The list below gives details of investments in Singapore by six local Insurance Companies which is the only information available. Details of Investments in Singapore by Local Insurance Companies. Name of Co. Date Local Investments 1. Great Eastern Life as at 31-12-57 $ 79,000 Govt. Bonds Assurance Co., Ltd. $ 4,149,647 Mortages 2. Eastern United Assurance as at 31-03-57 $ 177,850 Industrial Shares Corp. Ltd. $ 381,800 Govt. and City Council Bonds 3. Asia Insurance Co., Ltd. as at 31-07-57 $ 325,000 Govt. and City Council Bonds $ 747,500 Industrial Shares $ 9,118,348 Landed Property 4. Asia Life Assurance as at 30-06-57 $ 2,500 Industrial Shares Society Co., Ltd. $ 230,000 Govt. Bonds $ 687,029 Mortages 5. Nanyang Insurance Co., as at 18-06-56 $ 100,586 Govt. Bonds Ltd. 6. Overseas Union Insurance as at 03-07-56 $ 106,147 City Council Co. Bonds