12. Insertion of new section 31A in the principal enactment

The following new section is hereby inserted immediately after section 31 of the principal enactment and shall have effect as section 31A of that enactment:—

31A. A person shall not be appointed, elected or nominated as a director of an insurer or continue as a director of an insurer, if such person is subject to any one or more of the disqualifications specified in the Second

Schedule to this Act.”.

“Insurer to be listed on a licensed stock exchange.

Act, No. 3 of 2011

“Conditions relating to the appointment of directors of an insurer.

Insurer to inform Board of proposed appointment, nomination or election of directors.