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Exceptions to applicability of provisions to Tier 2 insurers

Insurance (Corporate Governance) Regulations 2013

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—(1) Subject to paragraphs (2) and (3), the requirements under regulation 7(1)(b)(ii) shall not apply in relation to a Tier 2 insurer —(a)where —(i)there is a change in the status of a director under regulation 5 or 6 during the period between the date immediately after the date of the director’s appointment and the date immediately before the next annual general meeting of the Tier 2 insurer; and(ii)the Tier 2 insurer could not reasonably have known of that change on or before the date of the director’s appointment; or(b)where —(i)there is a change in the status of a director under regulation 5 or 6 during the period between the date immediately after an annual general meeting of the Tier 2 insurer and the date immediately before the next annual general meeting of the Tier 2 insurer (other than the period referred to in sub-paragraph (a)(i)); and(ii)the Tier 2 insurer could not reasonably have known of that change on or before the date of the first‑mentioned annual general meeting.(2) Paragraph (1) shall not apply unless, in the circumstances prescribed in paragraph (1)(a)(i) or (b)(i), the insurer, within 14 days after becoming aware of the change in the status of a director, notifies the Authority of the change and, subject to paragraph (3) in respect of any requirement under regulation 7(1)(b)(ii), at the next annual general meeting, appoints such number of new directors as may be required to rectify the composition of the Board in accordance with that requirement.(3) Notwithstanding paragraph (2), the Authority may, upon being notified of a change in the status of a director under paragraph (2), direct the Tier 2 insurer to appoint such number of new directors as may be necessary to rectify the composition of the Board in accordance with the requirements under regulation 7(1)(b)(ii), within such time before the next annual general meeting of the Tier 2 insurer and subject to such conditions or restrictions as the Authority may specify and the Tier 2 insurer shall comply with that direction.(4) Any Tier 2 insurer which fails to comply with any condition or restriction imposed by the Authority under paragraph (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.

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