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.
Key contacts
Karen Anderson
Consultant, London
Susannah Cogman
Partner, London
Elizabeth Head
Of Counsel, London
Marina Reason
Partner, London
Kelesi Blundell
Partner, London
Hywel Jenkins
Partner, London
Chris Ninan
Partner, London
Jon Ford
Partner, London
Clive Cunningham
Consultant, London
Simone Hui
Of Counsel, Hong Kong
Chee Hian Kwah
Director, Prolegis LLC, Singapore
Valerie Tao
Knowledge Lawyer, Hong Kong
Cat Dankos
Senior Regulatory Consultant, London
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.