Singapore legislation

Regulation 21

of Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022

Regulation 21

Determination of independence of directors and assessment of qualification

Subregulation 1

Where a person is proposed to be appointed as a director of a Tier 2 DFHC (Licensed Insurer), the Board —

(a)

must, before the appointment, determine —

(i)

whether the person is independent from management and business relationships with the Tier 2 DFHC (Licensed Insurer); and

(ii)

whether the person is independent from any substantial shareholder of the Tier 2 DFHC (Licensed Insurer),using the criteria set out in regulation 4 or 5 (as the case may be) and, where applicable, in accordance with regulation 22; and

(b)

must maintain a record of its determination.

Subregulation 2

Before every annual general meeting of the Tier 2 DFHC (Licensed Insurer), the Board —

(a)

must determine —

(i)

whether each existing director of the Tier 2 DFHC (Licensed Insurer) is independent from management and business relationship with the Tier 2 DFHC (Licensed Insurer); and

(ii)

whether each existing director of the Tier 2 DFHC (Licensed Insurer) is independent from any substantial shareholder of the Tier 2 DFHC (Licensed Insurer),using the criteria set out in regulation 4 or 5 (as the case may be) and, where applicable, in accordance with regulation 22;

(b)

must review and assess whether each existing director remains qualified for the office using the criteria set out in regulation 20(3); and

(c)

must maintain a record of its determination and its assessment, respectively.

Read in full context — Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022 →