Singapore legislation

Regulation 7

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

Regulation 7

Separation of roles

Subregulation 1

A DFHC (Licensed Insurer) must not appoint any of the following persons as the chairperson of its Board:

(a)

any of its executive directors;

(b)

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 —

(a)

to a fine not exceeding $25,000; and

(b)

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.

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