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laws.sgby aturio
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Part 3 · Requirements for Tier 2 Designated Fhc with Licensed Insurer Subsidiary

21. Determination of independence of directors and assessment of qualification

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(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.

(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.

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.

Report

Read on from reg 22