The Financial Regulatory Authority (FRA) is requiring that at least a quarter of the members of the board of directors of an insurance company to have experience in the sector.
This requirement is part of a revised decision regarding the licensing and operations of non-bank financial companies.
The revised decision (Decision No. 175 of 2020) stipulates that all licensing requirements shall be fulfilled within a maximum of three months from the date of registration in the commercial register. It also requires that at least half of the members of the company's board of directors, other than the managing director, have a length of experience, in the banking and/or non-banking financial sector, as stipulated by the FRA in regard to each activity.
For insurance companies, the decision orders that at least one-fourth of the members of the board of directors are to have experience in the field of insurance.