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In response to press enquiries, a spokesman for the Office of the Commissioner of Insurance said today (May 13), "At a meeting held earlier today with representatives of taxi and public light bus operators, it was acknowledged that according to the latest information obtained from the provisional liquidators, Anglo Starlite's statutory deposit of HK$200 million, together with the resources available in the Insolvency Fund Scheme managed by the Motor Insurers' Bureau (MIB), are expected to be able to meet all the valid outstanding claims of the insurer, including the third party liability for property damage."
Meanwhile, the Insurance Authority (IA) is liaising with the Hong Kong Federation of Insurers and the MIB to explore feasible means to enhance the protection of third party insurance claimants.
The IA also clarified at the meeting that the statutory bank deposit of HK$200 million was kept in trust under the name of IA. The misstatement in Anglo Starlite's financial statements about the fraudulent deposit receipt of HK$189 million was not related to the above statutory deposit.
Ends/Wednesday, May 13, 2009
Issued at HKT 18:46
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