appoint as its chief executive officer an individual who shall —
(i)
be resident in Singapore;
(ii)
be approved by the Authority; and
(iii)
be directly responsible for the conduct of the Service Company; 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.
Informal Consolidation | Amended S 231/2013
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.