appoint as its chief executive officer an individual who shall be resident in Singapore;
[S 180/2015 wef 01/04/2015]
(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; and
[S 180/2015 wef 01/04/2015]
(c)
have a Board comprising at least 3 directors.
[S 180/2015 wef 01/04/2015]
(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) If a member of the Board of a Service Company resigns or ceases to be a member of the Board for any other reason, the Service Company must —
(a)
notify the Authority of the event within 14 days after the occurrence of the event; and
(b)
on or before its next annual general meeting, appoint such number of new directors as is required to comply with paragraph (1)(c).
[S 180/2015 wef 01/04/2015]
(5) Despite paragraph (4), the Authority may, upon being notified under paragraph (4)(a), direct the Service Company to appoint such number of new directors as is required to comply with paragraph (1)(c) within such time before the next annual general meeting of the Service Company, and according to such condition or restriction, as the Authority may specify, and the Service Company must comply with that direction.
[S 180/2015 wef 01/04/2015]
(6) A Service Company must immediately inform the Authority after the Service Company becomes aware that any of its directors or executive officers is involved in or is believed to be involved in any conduct or practice prejudicial to the interests of the Service Company or the policy owners or cedants of the syndicate, on behalf of whose members the Service Company has entered into any contract of insurance.