Informs locally incorporated insurers on the issuance of the revisions to the Guidelines on corporate governance for designated financial holding companies, banks, direct insurers, reinsurers, and captive insurers which are incorporated in Singapore ("CG Guidelines"), and MAS’ response to the feedback received following the consultation on the CG Guidelines.
Last Revised Date: 24 September 2021
MAS 106 Appointment of Director, Chairman, Member of Nominating Committee, and Key Executive Person for Insurers
Requirements and guidelines for licensed insurers on the appointment of director, chairman and key executive person.
This notice applies to all licensed insurers.
It sets out requirements and guidelines for insurers to:
- Seek MAS' approval for the appointment of any director, chairman or key executive person.
- Notify MAS of any additional directorship or key executive person role taken up by a key executive person.
- Notify MAS of outstanding engagements accepted by the appointed actuary or certifying actuary.
- Ensure that the proposed appointees for the appointment of directors and key executive persons are fit and proper to fulfil their roles and responsibilities.