Clarification of PHIAC independent director provisions

PHIAC has issued a circular to clarify the position of PHIAC regarding director independence as it relates to private health insurers in corporate group structures.

Following initial feedback and to avoid doubt, PHIAC proposes that Schedule 1, section 1(7) be amended to remove any doubt that independent directors of the parent company and/or the board of another subsidiary of the parent company will not lose their independent status by reason of those directorships.

This requirement does not, however, remove from the board of the private health insurer the need to comply with the independence criteria as detailed in the definition of an independent director in Rule 4 of the draft standard.

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.