2. Definitions

In these Regulations, unless the context otherwise requires —

“associate” has the meaning given by paragraph 1 of the Schedule to the Act;

“Audit Committee” means an Audit Committee mentioned in regulation 17;

“Board”, in relation to a DFHC (Licensed Insurer), means the board of directors of the DFHC (Licensed Insurer);

“designated FHC” or “DFHC” means a designated financial holding company;

“designated FHC with licensed insurer subsidiary” or “DFHC (Licensed Insurer)” means a DFHC that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore;

“executive director”, in relation to a corporation, means a director who is concurrently an executive officer of that corporation, and “non‑executive director” is to be construed accordingly;

“FHC” means a financial holding company;

“financial year” has the meaning given by section 4(1) of the Companies Act 1967;

“immediate family”, in relation to an individual, means the individual’s spouse, child, adopted child, stepchild, parent, step‑parents, brother, stepbrother, sister or stepsister;

“independent director”, in relation to a DFHC (Licensed Insurer), means a director who —

is independent from any management and business relationship with the DFHC (Licensed Insurer);

is independent from any substantial shareholder of the DFHC (Licensed Insurer); and

has not served on the Board for a continuous period of 9 years or longer;

In these Regulations, in relation to a company that has dispensed with the holding of annual general meetings under section 175A of the Companies Act 1967 —

a reference to the doing of anything at an annual general meeting is a reference to the doing of that thing by way of a resolution by written means in accordance with the Companies Act 1967; and

a reference to the date of an annual general meeting of such a company is, unless the meeting is held, a reference to the date of expiry of the period within which the meeting is required by law to be held.