Singapore legislation
Regulation 8
Regulation 8
Separation of roles
Subregulation 1
An insurer shall not appoint any of the following persons as the chairman of its Board:
(a)
any of its executive directors;
(b)
any person who is a member of the immediate family of the principal officer of the insurer.
Subregulation 2
Any 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.