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  • Corporate Governance

    • PD-1.1.17

      The Annual Report of insurance firms must contain details of any shares in the firm held by its Directors and Chief Executive/General Manager. Such details must include:

      (a) The total number of shares held by such individuals as at the financial year-end (broken down by class of share where applicable); and
      (b) Any acquisitions or disposals in such shares during the financial year in question, including the numbers of such shares and the price at which they were acquired or sold.
      Amended: January 2007

    • PD-1.1.18

      For the purpose of the disclosures required under Paragraph PD-1.1.17, shares held by Directors and Chief Executives/General Managers also include any shares held in the firm by their spouses, children or any other person whose share holdings may fall under their control.

    • PD-1.1.19

      The following information relating to corporate governance must also be included in the firm's Annual Report:

      (a) Information about the Board and Board committees (if any). This must include details of Board membership (including a summary of each Board member's professional experience, qualifications, date of appointment and other Directorships held); details of the membership and mandates of any Board Committees; and the number of Board and any Board committee meetings held during the financial year in question;
      (b) Information about the managerial structure. This must include a summary of the Chief Executive Officer's/General Manager's professional experience, qualifications and date of appointment; a summary of any management committees, their mandates and membership; and a summary of the senior management structure and reporting lines; and
      (c) Information about the firm's basic organisational structure. This must include a clear description of the lines of business and legal entity structures.
      Amended: January 2007