Corporate Governance
Article Twenty-Seven
Fit and proper standards issued by SAMA shall be applied to the Company’s and Insurance and Reinsurance Services Provider’s Chairman, Board Members, Directors, and Senior Managers. Designated forms issued for this purpose shall be completed and approved by SAMA.
Article Twenty-Eight
1. The Company’s and Insurance and Reinsurance Services Provider’s Chairman, Board Members, and Senior Managers must be trustworthy and experienced in financial and insurance business to unable them to carry out their duties in the best possible way.
2. A Company’s board members shall not be a member of the board of directors of any other insurance and or reinsurance Company.
3. SAMA may object to the appointment of any of the Board Members, appointed executive managers of the company and of the Insurance and Reinsurance Services Provider.
Article Twenty-Nine
The Company shall not nominate a member to its board of directors or to a senior management position without the written approval of SAMA in the following circumstances:
1. A Person who had held similar position in a liquidated Company.
2. A Person who had been dismissed from a similar position in another Company.