Singapore legislation
Regulation 28
Regulation 28
Exceptions to applicability of provisions to Tier 2 DFHC (Licensed Insurer)
Subregulation 1
Subject to paragraphs (2) and (3), the requirements under regulation 6(1)(b)(ii) do not apply in relation to a Tier 2 DFHC (Licensed Insurer) —
where —
there is a change in the status of a director under regulation 4 or 5 during the period between the date immediately after the date of the director’s appointment and the date immediately before the next annual general meeting of the Tier 2 DFHC (Licensed Insurer); and
the Tier 2 DFHC (Licensed Insurer) could not reasonably be expected to have known of that change on or before the date of the director’s appointment; or
where —
there is a change in the status of a director under regulation 4 or 5 during the period between the date immediately after an annual general meeting of the Tier 2 DFHC (Licensed Insurer) and the date immediately before the next annual general meeting of the Tier 2 DFHC (Licensed Insurer) (other than the period mentioned in sub‑paragraph (a)(i)); and
the Tier 2 DFHC (Licensed Insurer) could not reasonably be expected to have known of that change on or before the date of the firstmentioned annual general meeting.
Subregulation 2
Paragraph (1) does not apply unless, in the circumstances prescribed in paragraph (1)(a)(i) or (b)(i), the Tier 2 DFHC (Licensed Insurer), within 14 days after becoming aware of the change in the status of a director, notifies the Authority of the change and, subject to paragraph (3) in respect of any requirement under regulation 6(1)(b)(ii), at the next annual general meeting, appoints the number of new directors that is necessary to rectify the composition of the Board in accordance with that requirement.
Subregulation 3
Despite paragraph (2), the Authority may, on being notified of a change in the status of a director under paragraph (2), direct the Tier 2 DFHC (Licensed Insurer) to appoint the number of new directors that is necessary to rectify the composition of the Board in accordance with the requirements under regulation 6(1)(b)(ii) within the time before the next annual general meeting of the Tier 2 DFHC (Licensed Insurer), and subject to any conditions or restrictions, that the Authority may specify, and the Tier 2 DFHC (Licensed Insurer) must comply with that direction.
Subregulation 4
A Tier 2 DFHC (Licensed Insurer) that fails to comply with a direction of the Authority under paragraph (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.