Singapore legislation
Regulation 14
Regulation 14
Alternative determination of independence by Nominating Committee
Subregulation 1
The Nominating Committee of a Tier 1 DFHC (Licensed Insurer) may determine that a director of the Tier 1 DFHC (Licensed Insurer) who is —
not considered independent from business relationships with the Tier 1 DFHC (Licensed Insurer) under regulation 4(3)(a) or (b); or
not considered independent from a substantial shareholder of the Tier 1 DFHC (Licensed Insurer) because of the relationship specified in regulation 5(3)(a)(v) or (b)(v),may nonetheless be considered independent from business relationships with the Tier 1 DFHC (Licensed Insurer), or independent from a substantial shareholder of the Tier 1 DFHC (Licensed Insurer) (as the case may be), if the Nominating Committee is satisfied that the director’s independent business judgment and ability to act in the interests of the Tier 1 DFHC (Licensed Insurer) will not be impeded, despite the relationships specified in any of those regulations.
Subregulation 2
If —
at any time, the Authority is not satisfied that a director of a Tier 1 DFHC (Licensed Insurer) is independent despite any determination of the Nominating Committee made under paragraph (1); and
the lack of independence of that director would breach regulations 6(1), 9, 11(1), 16(1), 17(1) and 18(1),the Authority may direct the Tier 1 DFHC (Licensed Insurer) to rectify the composition of the Board or any relevant committee in accordance with the requirements under regulation 6(1), 9, 11(1), 16(1), 17(1) or 18(1) (as the case may be) within the time, and subject to any conditions or restrictions, that the Authority may specify.
Subregulation 3
Where the Authority has given a direction to a Tier 1 DFHC (Licensed Insurer) under paragraph (2), the requirements under regulation 6(1), 9, 11(1), 16(1), 17(1) or 18(1) (as the case may be) do not apply to the Tier 1 DFHC (Licensed Insurer) during the period between the time the Authority makes the direction and the time within which the Tier 1 DFHC (Licensed Insurer) is required to rectify the composition of the Board or any relevant committee in accordance with the direction.