Singapore legislation

Regulation 10

of Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022

Regulation 10

Committees of Board

Subregulation 1

A Tier 1 DFHC (Licensed Insurer) must have —

(a)

a Nominating Committee;

(b)

a Remuneration Committee;

(c)

an Audit Committee; and

(d)

a Risk Management Committee.

Subregulation 2

A Tier 1 DFHC (Licensed Insurer) must ensure that every member of each committee mentioned in paragraph (1) has unfettered access to information that the Tier 1 DFHC (Licensed Insurer) is in possession of or has access to, for the purposes of carrying out the responsibilities of the committee concerned.

Subregulation 3

A Tier 1 DFHC (Licensed Insurer) that contravenes paragraph (1) or (2) shall be guilty of an offence and shall be liable on conviction —

(a)

to a fine not exceeding $25,000; and

(b)

in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

Read in full context — Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022 →