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A position of a manager of Insurance Company may be assumed by any competent person who:
1) meets the professional adequacy and qualification standards defined by the Central Bank;
2) has not been quashed or expunged of criminal record provided for by law;
3) has not been deprived of the right to assume an office in financial, insurance, banking, tax law;
4) has not been recognized bankrupt and has not outstanding liabilities;
5) has not in the past acted in a way that, according to the opinion of the Board of the Central Bank, it gives grounds to believe that the given person, in his capacity of a manager of an insurance company, cannot duly manage the relevant field of the activities of the insurance company or his actions may lead to the bankruptcy or deterioration of the financial situation of the insurance company or compromise the professional and business reputation thereof;
6) is not engaged in a criminal case as a suspect, accused or defendant.
The chairman or a member of the board of Company shall not simultaneously be a member of the executive body or hold any other position in the given insurance company, as well as be a chairman or member of the board, a member of the executive body or hold any other position in another insurance company, except for the cases when both are parent and subsidiary companies.
3. The executive director, deputy executive director, chief accountant, members of the management body, the head or the members of internal audit group of Company shall not simultaneously hold the same or other position in the given company or another insurance company. Parties referred to hereunder may perform paid jobs, other than scientific, educational and creative works, only by the consent of the board of Company.
4. The certified actuary shall not hold a position other than the actuary position at the given insurance company or another financial organization. A person working as a certified actuary in an insurance company may perform functions of a certified actuary in another insurance company only by the consent of the board of Company or companies where he serves as a certified actuary.
