The Palestine Capital Market Authority (PCMA) has issued a resolution, setting out the requirements for the appointment of senior executive management and key employees in insurance companies.
The resolution aims to strengthen governance in the insurance sector by ensuring that leadership and executive roles are filled by individuals with the necessary competence, integrity, and professional qualifications, thereby enhancing confidence in the sector.
The resolution defines the criteria for appointing senior executive management, including the CEO, general manager, their deputies and assistants, as well as other key employees. It specifies the academic and professional qualifications required of candidates, in line with the responsibilities associated with these roles, including oversight of company operations, execution of strategic plans, and the exercise of supervisory and executive authority over technical activities.
Under the resolution, prior written approval from the Authority is required before appointing or promoting any individual to a senior executive or key position, subject to compliance with the stipulated requirements. Approval must be obtained through a formal application
supported by the relevant documentation. The Authority also reserves the right to revoke its approval if it is determined that the approval was granted on the basis of incorrect or misleading information.
Executives and key employees who occupied these positions prior to the resolution’s entry into force are deemed to have received approval for their current roles. The resolution took effect on 27 November 2025, following its publication in the Official Gazette.