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  • HC-A.2 HC-A.2 Module History

    • HC-A.2.1

      This Module was first issued in April 2005 by the BMA and updated in January 2007 to reflect the switch to the CBB. Following the issuance of the Corporate Governance Code by the Ministry of Industry and Commerce in March 2010, the Module was amended in January 2011 to be in line with the new Code and to include previous requirements that were in place in the originally issued Module HC. Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

      January 2011

    • HC-A.2.2

      A list of recent changes made to this Module is detailed in the table below:

      Module Ref. Change Date Description of Changes
      HC-1 to HC-10 01/2011 Amendments due to introduction of new MOIC Corporate Governance Code.
      HC-1.3.7 04/2011 Clarified the rules regarding the limitation on Directorships held by board members.
      HC-1.4 04/2011 Amendment made to reflect new Rules on attendance of Directors at Board of Directors meetings.
      HC-6.6.3 04/2011 Guidance added dealing with the compliance function.
      Appendix A 04/2011 Clarified membership of audit committee to be in line with Rule HC-3.2.1.
      HC-B.2.2 01/2012 Clarified language related to corporate governance.
      HC-1.2.5 and HC-1.6.3 01/2012 Clarified that the Chairman of the Board may delegate specific duties dealt with in these Paragraphs.
      HC-1.4.4B 01/2012 Corrected typo.
      HC-1.5.7, HC-1.5.7A and HC-1.5.7B 01/2012 Clarified rule and guidance on the chairman of the Board.
      HC-1.10.1 01/2012 Deleted last sentence.
      HC-5.6.6 01/2012 Amended Paragraph.
      Appendix D 01/2012 Disclosure to shareholders amended.
      HC-7.2.5 and HC-10.7.6 10/2012 Clarified Guidance on election of board members.
      Appendices A, B and C 10/2012 Amended requirement for written report on performance evaluation for various Board committees.
      Appendix A 10/2012 Included reference to compliance under Committee Duties and Responsibilities.
      HC-2.2.3 and HC-2.4.1 01/2013 Clarified scope of application for Rules.
      HC-1.3.4 and HC-10.1.8 10/2014 Minor corrections to be consistent with wording used in other Volumes of the CBB Rulebook.
      HC-1.11.2, HC-2.2.5, HC-6.5.1 and HC-8.2.1 10/2014 Removed reference to single person company as HC-B.1.1 clearly states that the contents of this Module do not apply to insurance licensees with this legal status.
      HC-2.3.3 and HC-10.2.5A 04/2016 Added a requirement (or guidance, based on type of insurance license) for the licensee to have in place a board approved policy on the employment of relatives of approved persons.
      HC-2.4.1A and HC-10.2.6A 04/2016 Added the requirement (or guidance, based on type of insurance license) to disclose to the board on annual basis relatives of any approved persons occupying controlled functions.
      HC-2.3, HC-2.4 and HC-10.2 07/2016 Clarified application of Rules (or guidance, based on the type of insurance license) for overseas licensees.
      HC-B.1.3 10/2019 Added Insurance Aggregators.
      HC-10 10/2019 Added Insurance Aggregators to the Section.
      HC-1.2.2 & HC-1.11.5 01/2020 Amended Paragraphs on policy and procedures approval.
      HC-5.4.3 04/2020 Added a new Paragraph on KPIs compliance with AML/CFT requirements.
      HC-9.4 10/2020 Added a new Section on Terms of Appointment and Competence of the SSB.
      HC-1.5.8 04/2021 Amended Paragraph on independent directors.
      HC-1.5.10 04/2021 Added a new Paragraph on Directors Independence status.
      HC-1.5.11 04/2021 Added a new Paragraph on termination of Board membership of a retired, terminated CEO.
      HC-4.4.3 04/2021 Added a new Paragraph on notification on any change in board categorisation.

    • HC-A.2.3

      Guidance on the implementation and transition to Volume 3 (Insurance) is given in Module ES (Executive Summary).

      January 2011