Councillor Chan seems to be lack of knowledge of the self-rentention mechanism and self-insurance concept which has last for over 300 years in the Transportation Insurance, starting from London lloyd insurance market.....
He seems not to be a suitable representative of insurance industry......
The British Hong Kong government required the francised public transport company to set up a sinking fund pool for self-insurance when granting the francise right to KCR/KMB/CMB ....Self-insurance already covered the interests of all parties, including the innocent third party....
KMB is exempted from Third parties insurance in accordance to the its francehise right and the Hong Kong Oridiance Cap. 272 Motor Vehicles Insurance (Third Party Risks) Ordinance Section 4 (c),
[size=14.666666984558105px]"any motor vehicle owned by a person, other than a person specified in an order made by the Governor in Council for the purposes of this paragraph, who has made a deposit with the Director of Accounting Services to the value of $2,000,000 and has not required such deposit to be returned to him, at any time when such motor vehicle is being driven by the owner or by a servant of the owner in the course of his employment, or is otherwise subject to the control of the owner."
