Central Bank of the UAE Corporate Governance Standards for Insurance Companies Circular No. 24/2022

Table of Contents

INTRODUCTION

INTRODUCTION

1. These Standards form part of the Corporate Governance Regulation (Circular No. 24/2022). All Insurance Companies must comply with these Standards, which expand on the Regulation. These Standards are mandatory and enforceable in the same manner as the Regulation.
2. The Standards follow the structure of the Regulation, with each article corresponding to the specific article in the Regulation.

1. DEFINITIONS

1. Affiliate : An entity that, directly or indirectly, controls, is controlled by, or is under common control with another entity. The term control as used herein shall mean the holding, directly or indirectly, of voting rights in another entity, or of the power to direct or cause the direction of the management of another entity.
2. Authorised Manager : The person appointed by the foreign insurance company to manage its branch in the State.
3. Board : The Company's board of directors.
4. Central Bank : The Central Bank of the United Arab Emirates.
5. Chief Executiv...