Singapore legislation

Regulation 23

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

Regulation 23

Providing information to Authority by Tier 2 DFHC (Licensed Insurer)

A Tier 2 DFHC (Licensed Insurer) must, after the Board has concluded its deliberations in respect of the matters under regulations 20 and 21 —

(a)

notify the Authority in writing of the particulars of the persons proposed to be appointed to the positions mentioned in regulation 20(1)(a), including whether the requirements for independence in regulations 4 and 5 are satisfied;

(b)

notify the Authority in writing of the review and assessment of each existing director mentioned in regulation 21(2)(b);

(c)

in the case where the Board has made a determination under regulation 22, provide the Authority with its explanation of its decision as to why the director should be considered independent; and

(d)

provide to the Authority any further information that the Authority may require.

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