1. Should the chairman and board members of an Insurance Company submit their resignations or should the vacant positions reach one-quarter (1/4) of the company’s board members, the Governor shall: a. Form an interim committee comprising experienced and specialized individuals and appoint a chairman and vice-chairman among its members to assume the management of the concerned company; and b. Call for a general assembly meeting within a period not exceeding three (3) months following date of forming the committee, referred to in paragraph (a) of this item, renewable for a similar period only once, in order to elect a new board of directors of the concerned company. Such a company shall bear the committee’s remunerations, as determined by the Governor. 2. The Insurance Company shall notify the Central Bank in case the position of any of its board members or other Authorized Individuals becomes vacant. The Insurance Company or its board of directors, as the case may be, shall fill the vacant position within a period not exceeding thirty (30) days from the date of being vacant, after obtaining the approval of the Central Bank.
Interpretation and application must be checked against the official text and current version.