Regulation 18

at least 3 members of the Board; and

at least a majority of directors (including the chairperson of the Risk Management Committee) who are non‑executive directors.

the establishment and the operation of an independent risk management system for managing risks on an enterprise‑wide basis; and

the adequacy of the risk management function of the Tier 1 DFHC (Licensed Insurer), including ensuring that it is sufficiently resourced to monitor risk by the various risk categories and that it has appropriate independent reporting lines.

the Tier 1 DFHC (Licensed Insurer) must notify the Authority of the event within 14 days after the occurrence of the event; and

if this results in a breach of any requirement under paragraph (1), the Board must, within 3 months after that event, appoint the number of new members that is necessary to rectify the composition of the Risk Management Committee in accordance with that requirement.

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 the day during which the offence continues after conviction.