Singapore: Legislative changes relating to requirements on key executive persons and directors for insurers

Under the Insurance Act (Cap 142) ("IA"), insurers are required to seek prior approval from the Monetary Authority of Singapore ("MAS") before appointing the directors of the board and key executive persons, namely the principal officer ("PO"), the Appointed Actuary ("AA") and the Certifying Actuary ("CA"). The roles, responsibilities and approval process for the appointment of POs and directors are set out in MAS Notice 106, while those for actuaries are prescribed in the Insurance (Actuaries) Regulations 2004 ("Actuaries Regulations").

This consultation paper sets out the proposals to prescribe the roles and responsibilities of all key executive persons in a new set of regulations, to repeal the Actuaries Regulations, and to revise MAS Notice 106 to make it applicable to the appointment of directors of the board and all key executive persons.