Short-Term Insurance Act, 1998 (Act No. 53 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

Committees of the board

6. Structure of board of directors
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(1)The board of directors of an insurer must assess whether, and to what extent, the establishment of committees of the board is necessary and appropriate.

 

(2)        Committees of the board must—

(a)be structured to ensure that they have the necessary authority, independence, resources and expertise;
(b)have a clearly defined and documented mandate and functions; and
(c)have access to all relevant employees and information to perform their mandate and functions.