Insurance Act, 1989
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Qualifications of directors, managers and authorised agent. |
20.—(1) The Minister may require an insurer to submit to him such information as he may require concerning the qualifications and experience of its directors and of the holders of such managerial posts as he may specify, or of the insurer's authorised agent in the State. | |
(2) Where it appears to the Minister that a person holding a position as director, manager or authorised agent is not a person suitably qualified or experienced to hold that position (“a qualified person”) he may direct that, as long as that person holds the position, the insurer shall take such one or more of the measures specified in section 18 (1) as the Minister deems appropriate and the insurer shall comply with that direction and that section shall have effect accordingly. | ||
(3) Every proposal to appoint a director, chief executive or authorised agent of the insurer shall be notified to the Minister and shall not be made if the Minister objects to the proposal on the ground that the person proposed to be appointed is not a qualified person. | ||
(4) (a) An applicant for an authorisation shall supply the Minister with such information as he may require concerning the qualifications and experience of any person proposed to be a director of the undertaking and of each person proposed to be the chief executive or to hold any other management position of responsibility in the undertaking, or of the person who is proposed to be the authorised agent of the undertaking. | ||
(b) The Minister shall not grant an authorisation if it appears to him that such person is not a qualified person. | ||
(5) In the case of an undertaking whose head office is not situated in the State this section shall apply only to persons carrying on functions of the undertaking in the State. | ||
(6) No claim shall lie against the Minister for any loss of office arising directly or indirectly from any of the provisions of this section. | ||
(7) An undertaking may appeal to the Court against a direction or objection of the Minister under this section. The appeal may be heard in chambers. |