In October 2016, the Office of the Commissioner of Insurance (OCI) revised the Guidance Note on the Corporate Governance of Authorised Insurers (Revised GN10). Under Revised GN10, the OCI not only enhanced the minimum standards of corporate governance that are expected of authorised insurers, but also widened the scope of application of such standards.
Most of the amendments which are set out in detail in our e-bulletin came into effect on 1 January 2017. Implementation of the requirements relating to the minimum number of independent non-executive directors, the risk committee and remuneration will be delayed until 1 January 2018.
If you wish to discuss this further, please do not hesitate to contact William Hallatt, Gareth Thomas, Jessica Erickson or your usual Herbert Smith Freehills contact.
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