Approval of directors and principal officers of insurers
31.—(1)  No registered insurer —
(a)shall appoint a person as principal officer of the insurer in Singapore; or
(b)incorporated or established in Singapore shall appoint a person as director of the insurer,
unless the insurer satisfies the Authority that that person is a fit and proper person to be so appointed and has obtained the approval of the Authority.
[11/86]
(2)  A direct insurer registered to carry on life business shall appoint a person as an actuary of the insurer to perform such duties as may be prescribed.
[32/93]
(3)  The appointment of the actuary by a direct insurer under subsection (2) shall be made by the board of directors of the insurer in writing and shall be subject to the approval of the Authority.
[32/93]
(4)  If at any time it appears to the Authority that a principal officer, director or an actuary of a registered insurer has failed to perform his functions, the Authority may, in writing, direct the registered insurer to remove the principal officer, director or actuary, as the case may be.
[41/2001]
(5)  For the purpose of determining whether to grant its approval under subsection (1) or whether the principal officer, director or actuary has failed to perform his functions under subsection (4), the Authority shall, without prejudice to any other matter it may consider relevant, have regard to such criteria as may be prescribed.
[41/2001]
(6)  Before directing the registered insurer to remove its principal officer, director or actuary under subsection (4), the Authority shall —
(a)give the insurer notice in writing of its intention to do so; and
(b)in the notice referred to in paragraph (a), call upon the registered insurer to show cause within such time as may be specified in the notice why the principal officer, director or actuary, as the case may be, should not be removed.
[41/2001]
(7)  If the registered insurer referred to in subsection (6) —
(a)fails to show cause within the time given to it to do so or within such extended period of time as the Authority may allow; or
(b)fails to show sufficient cause,
the Authority shall give notice in writing to the insurer of the date on which the direction to remove the principal officer, director or actuary, as the case may be, is to take effect.
[41/2001]
(8)  Any person who is aggrieved by a decision of the Authority under subsection (1), (3) or (4) may, within 30 days of the decision of the Authority, appeal to the Minister in writing in accordance with Part IIIB.
[41/2001]
(9)  Any registered insurer which fails to comply with any direction of the Authority under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000.
[41/2001]
(10)  Nothing in section 152 of the Companies Act (Cap. 50) shall prevent the Authority from exercising any power under subsection (4).
[41/2001]
(11)  In this section —
“director” has the same meaning as in the Companies Act (Cap. 50);
“principal officer”, in relation to a registered insurer, means any person by whatever name called employed by the insurer to be directly responsible for the conduct of any class of insurance business of the insurer in Singapore.