Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022 · As enacted · Part 2 · Requirements for Tier 1 Designated Fhc with Licensed Insurer Subsidiary
10. Committees of Board
Feedback & supportA Tier 1 DFHC (Licensed Insurer) must have —
a Nominating Committee;
a Remuneration Committee;
an Audit Committee; and
a Risk Management Committee.
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.
A Tier 1 DFHC (Licensed Insurer) that contravenes paragraph (1) or (2) 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 of a day during which the offence continues after conviction.
Subregulation 1
A Tier 1 DFHC (Licensed Insurer) must have —
a Nominating Committee;
a Remuneration Committee;
an Audit Committee; and
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 —
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 of a day during which the offence continues after conviction.