Appointment of Directors, etc

(1) An insurer or insurance intermediary shall not appoint a person as a director or officer unless– (a) the company has served on the Supervisor written notice stating that it proposes to appoint the person to that position; and (b) the Supervisor has77 (i) notified the company in writing that there is no objection to the appointment; or (ii) failed to serve on the company a written notice of objection within one month from the date on which the company’s notice in writing was served on him. (1A) The Supervisor shall object to an appointment referred to in sub-section (1) where he is not satisfied that the person concerned is fit and proper to hold the intended office. (2) Where a person is appointed, becomes or ceases to be a Director or Chief Executive Officer or Managing Director or an Executive Officer of an insurance company, the company shall before the expiration of twenty-one days, beginning with the day next following that on which the person has been appointed, becomes or ceases to be a Director or its Chief Executive Officer, or Managing Director or Executive Officer give written notice of such fact to the Supervisor.