Section 44

A person who becomes or ceases to be controller of an insurer shall, within 7

days from the day following that on which he becomes or ceases to be a controller, notify the insurer in writing of that fact and of such other matters as may be prescribed; and a person who is appointed a managing director, director, chief executive or principal officer of any such insurer shall, within 7 days from the day following that on which he is so appointed, notify the insurer in writing of such matters as may be prescribed.

Incorporating amendments until S 1/2016

(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020

42

BLUV as at 14th January 2016

An insurer shall give notice in writing to the Authority of the fact that any person has become or ceased to be its managing director, director, chief executive or principal officer and of any matter of which such person is required to notify the insurer under subsection (1);

and the notice shall be given within 14 days from the day following that on which that fact or matter came to the insurer’s knowledge.

Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.