Capital Market Authority Issues Decision to Define Requirements for Appointing Executive Management in Insurance Companies

SadaNews - The Capital Market Authority issued Decision No. (1) of 2025 regarding defining the requirements for appointing senior executive management and key employees in insurance companies, aimed at enhancing governance in the insurance sector and ensuring the presence of suitable individuals to assume leadership and executive positions in insurance companies, who possess competence, integrity, and appropriate qualifications, which in turn strengthens trust in the insurance sector.

The decision regulates the requirements for appointing senior executive management, including the CEO, general manager, their deputies, and assistants, in addition to key employees in the company. It includes the conditions and scientific and practical qualifications that candidates must possess, given the responsibilities these positions entail regarding the operation of the company and the execution of its strategic plans, as well as their supervisory and executive authorities over the company's technical operations.

The decision stipulated the necessity of obtaining prior written approval from the authority before appointing or promoting any employee to senior executive positions or key roles, after meeting the requirements set forth in the decision by submitting a request to the authority accompanied by the necessary documents. The decision also indicated the authority's right to revoke approval if it is found that it was granted based on incorrect or misleading information.

As for those occupying these positions before the decision came into effect, the decision stipulated that they are deemed to have obtained automatic approval for the positions they currently hold. The decision took effect on 27/11/2025, following its publication in the official gazette, issue number 232.