Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022
Table of Contents
Enacting Formula
Part 1 PRELIMINARY
1 Citation and commencement
2 Definitions
3 Tier 1 and Tier 2 DFHC (Licensed Insurer)
4 Independence from management and business relationships
5 Independence from substantial shareholder
6 Board
7 Separation of roles
8 Approval of Authority for certain appointments
Part 2 REQUIREMENTS FOR TIER 1 DESIGNATED FHC WITH LICENSED INSURER SUBSIDIARY
9 Executive Committee
10 Committees of Board
11 Nominating Committee
12 Responsibilities of Nominating Committee
13 Determination of independence of directors and assessment of qualification
14 Alternative determination of independence by Nominating Committee
15 Providing information to Authority by Tier 1 DFHC (Licensed Insurer)
16 Remuneration Committee
17 Audit Committee
18 Risk Management Committee
19 Exceptions to applicability of provisions to Tier 1 DFHC (Licensed Insurer)
Part 3 REQUIREMENTS FOR TIER 2 DESIGNATED FHC WITH LICENSED INSURER SUBSIDIARY
20 Responsibilities of Board on nominations for appointments
21 Determination of independence of directors and assessment of qualification
22 Alternative determination of independence by Board
23 Providing information to Authority by Tier 2 DFHC (Licensed Insurer)
24 Responsibilities of Board on remuneration
25 Responsibilities of Board on audit functions
26 Responsibilities of Board on risk management
27 Maintenance of records of meetings
28 Exceptions to applicability of provisions to Tier 2 DFHC (Licensed Insurer)