Definitions
التاريخ
Instructions No. (2) of 2006
Corporate Governance Instructions and the Amendments Thereof
Issued by the Board of Director of the Insurance Commission pursuant to the
provisions of paragraph (B) of Article (45) and paragraph (B) of Article (108)
of the Insurance Regulatory Act No. (33) of 1999 and the Amendments Thereof
| Article (1) | These Instructions shall be known as the (Corporate Governance Instructions of 2006) and shall come into force as of the date of its publication in the Official Gazette. |
Definitions
| Article (2) | A- | The following words and phrases, mentioned in these Instructions shall have the meanings ascribed thereto in Article (2) of the Insurance Regulatory Act No. (33) of 1999 and the Amendments Thereof, unless otherwise indicated by context. | ||
| B- | For purposes of these Instructions, the words and phrases mentioned hereunder shall have the following meaning:- | |||
| Act | : | The Insurance Regulatory Act in force. | ||
| Corporate Governance | : | A Set of relationships, between the board of directors of the company, its executive management, its shareholders and other entities related thereto, that aim to attain the interests of the company and the insureds, monitor the achievement of those objectives and the compliance of the company with the rules of equity, transparency and disclosure of its financial position, performance, its ownership, and its compliance with the relevant legislation. | ||
| Executive Management | : | Senior employees to whom daily work is entrusted, including the general manager of the company, the authorized manager, deputy general manager and assistant general manager. | ||
| Control | : | The direct or indirect capacity to influence effectively the actions or decisions of another person. | ||
| Affiliate | : | A person that controls or is controlled by another person, or each of the two persons is controlled by a third person. | ||
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Last update Thursday on 23-11-2023 at 15:26:57
