Singapore legislation
Regulation 19
Regulation 19
Approval of Authority
Subregulation 1
A Tier 1 insurer shall obtain the prior approval of the Authority for the appointment of the following persons:
the members of the Nominating Committee;
the chief financial officer; and
the chief risk officer.
Subregulation 2
Without prejudice to any other matter that the Authority may consider relevant, the Authority shall, in determining whether to grant its approval under paragraph (1), have regard to whether the person is a fit and proper person to hold the office.
Subregulation 3
Any Tier 1 insurer which contravenes paragraph (1) 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.