Singapore legislation
Regulation 21
Regulation 21
Responsibilities of Board on nominations for appointments
Subregulation 1
The Board of a Tier 2 insurer shall identify the candidates and review all nominations for the appointment of the following persons of the Tier 2 insurer:
each director;
the principal officer and deputy principal officer; and
any actuary appointed with the approval of the Authority under the Act.
Subregulation 2
Subject to paragraph (3), the Board shall determine the criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of these Regulations.
Subregulation 3
The criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of these Regulations shall include the following:
the appointment of the candidate or nominee will not result in non-compliance with the requirements under regulation 7(1); and
the candidate or nominee is a fit and proper person for the office and is qualified for the office, taking into account the candidate’s or nominee’s track record, age, experience, capabilities, skills and such other relevant factors as may be determined by the Board.
Subregulation 4
The Board shall review the reasons provided by each of the persons referred to in paragraph (1) for his resignation from his appointment in the Tier 2 insurer.