By the National Insurance Commission’s Circular on the Tenure Limit for Executive Directors of insurance and Reinsurance Companies, the insurance commission has introduced a tenure limit for the Executive Directors(ED) of the Insurance and Reinsurance Companies in the Country.
The Circular stipulates that the tenure of the Chief Executive Officers and other Executive Directors of the Insurance and Reinsurance Companies will now be limited to a maximum of ten years.
However, the Circular goes further to say that when an Executive Director gets promoted to the position of Chief Executive Officer in the same company, then the cumulative tenure in the office shall be 15 years.
Insurance Companies across the Country should take note of this update.
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