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laws.sgby aturio
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Part I · Preliminary

8. Separation of roles

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(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.

(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.

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.

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