This updated Module issued is effective on 1^st January 2011. All insurance licensees to which Module HC applies should be in full compliance by the financial year end 2011. At every insurance licensee's annual shareholder meeting held after 1^st January 2011, corporate governance should be an item on the agenda for information and any questions from shareholders regarding the insurance licensee's governance. Where possible, the insurance licensee should also have corporate governance guidelines in place at that time and should have a "comply or explain" report as described in Paragraph HC-A.1.8.