(1) It shall be the duty of the executive head to carry out the daily, professional and administrative work of the insurer in accordance with the policy approved by the board of directors, the instructions given by the authority and the prevailing law.
(2) The work, duties and powers of the executive head of the insurer shall be subject to the authority delegated by the board of directors as follows:-
(a) To use the powers granted by the board of directors subject to the articles of association and regulations, to implement the decisions of the board of directors and to supervise and control the operations and transactions of the insurer,
(b) To prepare the annual budget and action plan of the insurer and submit it to the board of directors for approval (c) To manage the necessary manpower subject to the employee regulations of the insurer,
(d) To execute the decisions made by the general meeting and board of directors,
(e) To operate the organization in accordance with this Act or the instructions of the authority and to carry out effective internal control and risk management of the organization,
(f) To submit the reports, details, documents, decisions to be submitted to the authority or other body by the insurer subject to this Act or the rules, regulations, instructions or orders made under this Act, memorandum and regulations.
(3) The Executive Head shall be responsible to the Board of Directors for his work.