6. Regulation 7 of the principal Regulations is deleted and the following regulation substituted therefor:
“Officers of Service Company
7.—(1) A Service Company shall —
(a)
appoint as its chief executive officer an individual who shall be resident in Singapore; and
(b)
appoint in Singapore at least one underwriter who has at least 6 years (or any shorter period as the Authority may allow) experience in underwriting any specialised risk of a type set out in the First Schedule.
(2) No Service Company shall appoint any person as its chief executive officer or a director unless the Service Company satisfies the Authority that the person is a fit and proper person to be so appointed and has obtained the approval of the Authority.
(3) Where a Service Company has obtained the approval of the Authority to appoint a person as its chief executive officer or director under this regulation, the person may be re-appointed as chief executive officer or director, as the case may be, of the Service Company immediately upon the expiry of the earlier term without the approval of the Authority.
(4) In this regulation, “chief executive officer”, in relation to the Service Company, means any person by whatever name called, employed by the Service Company to be directly responsible for the conduct of the Service Company’s duties and functions in Singapore.”.