Long Term Insurance Act, 1998 (Act No. 52 of 1998)

Board Notices

Notice on Governance and Risk Management Framework for Insurers, 2014

Part 3 : Composition, Governance and Structure of the Board of Directors

Board of Directors

5. Duties of each director
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Each director of an insurer, in addition to the requirements of the Companies Act, must—

(a)at all times comply with the fit and proper policy of the insurer;
(b)act in the best interests of the insurer and policyholders, putting the interests of the insurer and policyholders ahead of his or her own interests; and
(c)exercise independent judgment and objectivity in decision-making, taking into account the interests of the insurer and policyholders.