Back Custom print Link Text Only Rich Text Print

  • HC-6.4 HC-6.4 Executive Management Committee

    • HC-6.4.1

      Bahraini insurance firms must consider the need to establish an Executive Management Committee to support the Chief Executive Officer/General Manager.

      January 2011

    • HC-6.4.2

      Insurance intermediaries and insurance managers, unlike other insurance licensees, are not required to consider the need to operate an Executive Management Committee.

      January 2011

    • HC-6.4.3

      Executive Management Committees can facilitate proper corporate governance by ensuring that senior management discuss key issues affecting the licensee openly and collectively. Where an insurance firm does not consider it necessary to create an Executive Management Committee, it must be prepared to give reasons for its decision to the CBB, and to explain what checks and balances will apply to executive management.

      January 2011

    • HC-6.4.4

      The Committee should comprise the Chief Executive Officer/General Manager and appropriate heads of functions, such as the head of risk management, the Chief Finance Officer, the Chief Operations Officer, the head of underwriting and other key business divisions.

      January 2011

    • HC-6.4.5

      The Committee's responsibilities should include the oversight of day-to-day implementation of strategy, limits and procedures. It should also monitor the day-to-day performance of individual business lines and departments relative to targets, limits, and policies (in conjunction with other committees and functions, such as the Risk Committee or the Risk Management or Compliance functions).

      January 2011

    • HC-6.4.6

      The Board is responsible for ensuring that there is a clear framework of delegated authorities and a clear demarcation of duties between the Board, the Executive Committee, the Chief Executive Officer and other members of senior management.

      January 2011