Appointment of Principal Officers
1 In line with the importance the Authority attaches to the position of the Principal Officer, every insurer is required to exercise due care in the appointment of its Principal Officer. In making this appointment, an insurer shall ensure that the person so appointed is a fit and proper person possessing the relevant qualifications and experience to hold a top-management position in the company. He must have the authority and responsibility to conduct the insurer's business professionally. He must also be capable of ensuring compliance with the insurance law and regulations. Above all, he must be a person of good character and integrity.
2 Under section 30(1)(a) of the Insurance Act, every insurer is required to seek the prior approval of the Authority in the appointment of its Principal Officer. In seeking approval, the insurer shall submit to the Authority full particulars of the person proposed for the position, using the format in MAS 106 Appendix A (PDF, 15.0KB). In the case of a change of Principal Officer, the insurer shall also state the reasons for the proposed change.
Appointment of Alternate Principal Officers
3 If a Principal Officer proposes to appoint another person as Alternate Principal Officer to act on his behalf, the requirement in paragraph 2 above also applies.
Persons to Act on Behalf of Principal Officers
4 In cases where an Alternate Principal Officer has not been appointed, Principal Officers are required to ensure that they have made prior arrangements for a senior management staff to act on their behalf during their absences from office.
Appointment of Directors
5 Under section 30(1)(b) of the Insurance Act, every insurer incorporated in Singapore is required to seek the prior approval of the Authority in the appointment of its Directors. In seeking approval, the insurer shall submit to the Authority full particulars of the proposed director, using the format in MAS 106 Appendix A (PDF, 15.0KB).
6 Captive insurers are, however, exempted from this requirement. They need only inform the Authority of any appointment or changes in appointment of their directors as soon as these are known. They should also submit to the Authority a copy of the appointed director's curriculum vitae, using the format in MAS 106 Appendix A (PDF, 15.0KB).
