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  • [ S ]

    • Senior Manager/Management

      Refers to individuals occupying the position of CEO or head of function.

    • Service level agreement

      An agreement forming part of the Outsourcing Agreement between the outsourcing service provider and the insurance licensee that outlines the standards of service to be provided by the outsourcing service provider.

    • Share

      The investment which is a share or stock in the share capital of a) any body corporate, wherever incorporated; b) any unincorporated body constituted under the law of a country or territory.

    • Share premium reserve

      For purposes of Module CA, the share premium reserve or share premium account records the difference between the nominal value of shares issued and the fair value of the consideration received. For example if a company issues 1.0m shares (with a par of 1BD per share) at 3BD per share then in its accounting records it will record an increase in issued shares of 1.0m BD and an increase in the share premium reserve of 2.0m BD (i.e. the 3.0m BD received less the par value of the shares issued 1.0m BD).

    • Shareholder(s)

      Person(s) who own shares in a company.

      Amended: April 2011

    • Shari'a board or shari'a supervisory board

      An independent body of specialised jurists who, collectively, are entrusted with the duty of directing, reviewing and supervising the activities of an Islamic financial institution in order to ensure that they are in compliance with Islamic Shari'a rules and principles.

    • Signing Actuary

      An actuary approved by the CBB who is appointed to report on that firm's actuarial evaluation. The Signing Actuary may be a Director or employee of the licensee.

      Amended: October 2007

    • Solvency margin

      The amount by which an insurance firm's assets exceed its liabilities, both being valued in accordance with Module CA.

    • Stakeholder

      Any person who may be affected by the actions of a firm is a stakeholder in that firm.

    • Subordinated debt

      Any debt, which on a winding up or liquidation of the issuer the debtor ranks for payment after the claims of general creditors. A subordinated debt is not to be repaid until the claims of all the general creditors outstanding at the time of the winding up or liquidation have been settled.

    • Subsidiary

      A company or other enterprise controlled by another company or enterprise (the parent or holding company).

    • Surplus assets

      Assets in excess of the Required Solvency.