Rules for Independent Directors in Insurance Boards

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CIRCULAR LETTER NO. 2018-36: Rules for Independent Directors in Insurance Boards

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Title Source: Supreme Court: Rules for Independent Directors in Insurance Boards

Law: Circular Letter No. 2018-36

Decision Date: Jun 29, 2018

This regulation mandates that insurance companies, brokers, and related entities maintain a minimum of two independent directors or 20% of their board, establishes strict qualifications and term limits for these directors, and imposes penalties for non-compliance to enhance corporate governance and board independence.

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