Section 38

A person who is, or is to be, a chief executive or principal officer of registered insurer -

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{a) shall have educational qualifications and experience which will enable him to satisfactorily discharge his responsibilities;

{b) shall not have held a position of responsibility in the management of any company which has been convicted of an offence under any written law during his tenure of office unless he proves that such offence was committed without his knowledge or consent and he was not in a position to prevent the offence;

{c) shall not have held a position of responsibility in the management of any company which during his tenure of office -

(iJ has defaulted in payment of any judgment sum against it;