Regulatory Alerts2022-06-29
Added
Notice FHC-N106 Appointment of Director, Chairperson, Member of Nominating Committee, and Key Executive Person
The Monetary Authority of Singapore issued Notice FHC-N106 to establish requirements for designated financial holding companies with licensed insurance subsidiaries. The notice mandates that these entities seek prior approval for appointing directors, chairpersons, and key executive persons while notifying the regulator of any additional roles assumed by key executives. It further requires companies to ensure all proposed appointees meet fit and proper criteria to fulfill their governance responsibilities effectively.
Notices
Published Date: 29 June 2022
Notice FHC-N106 Appointment of Director, Chairperson, Member of Nominating Committee, and Key Executive Person
Requirements and guidelines on the appointment of director, chairperson and key executive person for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer”)).
Key Appointments
Corporate Governance
Fit and Proper Criteria
Notifications
Applies to:
Financial Holding Company (Insurance)
View Notice
Notice FHC-N106 Appointment of Director, Chairperson, Member of Nominating Committee, and Key Executive Person
(140.3 KB)
This Notice applies to all DFHCs (Licensed Insurer). It sets out the requirements and guidelines for DFHCs (Licensed Insurer) to:
Seek MAS' approval for the appointment of any director, chairperson or key executive person.
Notify MAS of any additional directorship or key executive person role taken up by a key executive person.
Ensure that the proposed appointees for the appointment of directors and key executive persons are fit and proper to fulfil their roles and responsibilities.
01 July 2022
Notice FHC-N106 Appointment of Director, Chairperson, Member of Nominating Committee, and Key Executive Person (140.3 KB) takes effect.
FHC-N106 - Appendix A (80.8 KB)
FHC-N106 - Appendix B (44.8 KB)
Guidelines on fit and proper criteria for all relevant persons carrying out any activity regulated by MAS.
Corporate governance requirements for designated financial holding companies that has a subsidiary that is a licensed insurer incorporated, formed or established in Singapore (“DFHC (Licensed Insurer)), including the independence of directors, composition of the board of directors and board committees, and their responsibilities.
Guidelines on corporate governance for financial institutions incorporated in Singapore.
Guidelines on the role that a financial institution's Board of Directors and senior management play in risk management.
Informs locally incorporated insurers on the release of the consultation paper on the proposed revisions to the guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore