Insurance (Corporate Governance) Regulations 2013
Table of Contents
Enacting Formula
Part I PRELIMINARY
1 Citation and commencement
2 Application of these Regulations
3 Definitions
4 Tier 1 and Tier 2 insurers
5 Independence from management and business relationships
6 Independence from substantial shareholder
7 Board
8 Separation of roles
Part II OBLIGATIONS OF TIER 1 INSURERS
9 Executive Committee
10 Committees of Board
11 Nominating Committee
12 Responsibilities of Nominating Committee
13 Determination of independence by Nominating Committee
14 Alternative determination of independence by Nominating Committee
15 Furnishing information to Authority by Tier 1 insurers
16 Remuneration Committee
17 Audit Committee
18 Risk Management Committee
19 Approval of Authority
20 Exceptions to applicability of provisions to Tier 1 insurers
Part III OBLIGATIONS OF TIER 2 INSURERS
21 Responsibilities of Board on nominations for appointments
22 Determination of independence by Board
23 Alternative determination of independence by Board
24 Furnishing information to Authority by Tier 2 insurers
25 Responsibilities of Board on remuneration
26 Responsibilities of Board on audit functions
27 Responsibilities of Board on risk management
28 Maintenance of records of meetings
29 Exceptions to applicability of provisions to Tier 2 insurers
Part IV SAVINGS AND TRANSITIONAL
30 Revocation
31 Savings and transitional provisions for existing insurers