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GT Shield

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

 

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.