Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022 · As enacted · Part 1 · Preliminary
7. Separation of roles
Feedback & supportA DFHC (Licensed Insurer) must not appoint any of the following persons as the chairperson of its Board:
any of its executive directors;
any person who is a member of the immediate family of the chief executive of the DFHC (Licensed Insurer).
A DFHC (Licensed Insurer) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $25,000; and
in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Subregulation 1
A DFHC (Licensed Insurer) must not appoint any of the following persons as the chairperson of its Board:
any of its executive directors;
any person who is a member of the immediate family of the chief executive of the DFHC (Licensed Insurer).
Subregulation 2
A DFHC (Licensed Insurer) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $25,000; and
in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.