Singapore legislation
Regulation 15
Regulation 15
Providing information to Authority by Tier 1 DFHC (Licensed Insurer)
Subregulation 1
A Tier 1 DFHC (Licensed Insurer) must, after its Nominating Committee has concluded its deliberations in respect of the matters under regulations 12 and 13 and after the Board has concurred with the Nominating Committee —
notify the Authority in writing of the particulars of the persons proposed to be appointed to the positions mentioned in regulation 12(1)(a) and (b), including whether the requirements for independence in regulations 4 and 5 are satisfied;
notify the Authority in writing of the review and assessment of each existing director mentioned in regulation 13(2)(b);
in the case where the Nominating Committee has made a determination under regulation 14, provide the Authority with the Nominating Committee’s explanation of its decision as to why the director should be considered independent; and
provide to the Authority any other information that the Authority may require.
Subregulation 2
A Tier 1 DFHC (Licensed Insurer) that 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 of a day during which the offence continues after conviction.