Singapore legislation
Regulation 8
Regulation 8
Approval of Authority for certain appointments
Subregulation 1
The following positions in a Tier 1 DFHC (Licensed Insurer) are prescribed for the purposes of section 63(2) of the Act:
the chairperson of the Board;
the members of the Nominating Committee;
the deputy chief executive;
the chief financial officer;
the chief risk officer.
Subregulation 2
The following positions in a Tier 2 DFHC (Licensed Insurer) are prescribed for the purposes of section 63(2) of the Act:
the chairperson of the Board;
the deputy chief executive.
Subregulation 3
A person —
whose appointment as director or chief executive, or for a position mentioned in paragraph (1) or (2), has been approved by the Authority under regulation 35 of the Banking (Corporate Governance) Regulations 2005 (G.N. No. S 583/2005), or under any directions issued under section 28 of the Monetary Authority of Singapore Act 1970, in force immediately before 30 June 2022; and
whose approval of appointment has not expired or been revoked before that date,is taken to be so appointed with the approval of the Authority under section 63 of the Act, for a term expiring on the date when the person’s term of appointment would have expired if these Regulations had not been enacted.
Subregulation 4
Any condition to which the approval of the Authority under paragraph (3)(a) was subject and that was in force immediately before 30 June 2022, continues to have effect as a condition of the approval of the Authority under section 63 of the Act mentioned in paragraph (3).