Section 30: Management of an insurer

30. Management of an insurer (1) No insurer shall be managed by any person other than— (a) in the case of an insurer established under the laws of Mauritius, the persons appointed in accordance with the constitutive documents under which the insurer is set up; (b) in the case of an insurer established as a foreign company, an authorised agent who is appointed by the parent insurer with the approval of the Commission; (c) an insurance manager licensed under Part VIII, with the approval of the Commission. (2) No insurer shall have a board of directors composed of less than 7 natural persons of which 30 per cent, or such other number and percentage as may be approved by the Commission, shall be independent directors. (3) For the purposes of subsection (2), a director shall be deemed to be independent where, other than being a board member of the insurer, he has no relationship with or interest in the insurer or its group of companies, which could or could be reasonably perceived to, materially affect the exercise of his judgment in the best interest of the insurer. [S. 30 amended by s. 13 of Act 16 of 2007 w.e.f. 28 September 2007.]