Singapore legislation
Regulation 10
Regulation 10
Committees of Board
Subregulation 1
Subject to paragraph (2), a Tier 1 insurer shall have —
a Nominating Committee;
a Remuneration Committee;
an Audit Committee; and
a Risk Management Committee.
Subregulation 2
A Tier 1 insurer shall ensure that every member of each Committee referred to in paragraph (1) shall have unfettered access to information which the Tier 1 insurer is in possession of or has access to, for the purposes of carrying out the responsibilities of the Committee concerned.
Subregulation 3
A Tier 1 insurer which is a subsidiary of any bank or any other insurer, whether or not registered in Singapore, need not have a Nominating Committee, a Remuneration Committee or a Risk Management Committee, subject to the following conditions:
the Board of the Tier 1 insurer performs for the Tier 1 insurer all the functions of the Nominating Committee, the Remuneration Committee or the Risk Management Committee, as the case may be, set out in these Regulations; and
the Tier 1 insurer informs the Authority in writing that the functions of the Nominating Committee, the Remuneration Committee or the Risk Management Committee, as the case may be, are performed by its Board.
Subregulation 4
Any Tier 1 insurer which contravenes paragraph (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.