(1) Apart from the work done by the general meeting of the insurer, all the work, duties and rights of the insurer shall be vested in the board of directors of the insurer subject to this act and the rules or regulations made under this act, the instructions, orders, memorandum, regulations and other prevailing laws.
(2) It shall be the duty of the board of directors to manage the overall risk of the insurer, to operate the insurance business in the interest of the insured and general shareholders, to maintain corporate governance and to ensure that it does not interfere in the day-to-day operations.
(3) Other functions, duties and rights of the Board of Directors shall be as follows:-
(a) To make and enforce the necessary regulations, guidelines and procedures subject to this Act or the rules, regulations, instructions, orders, memorandums, regulations and existing laws made under this Act,
(b) Formulating and implementing policies and plans on insurance risk assessment, management, insurance claim payment, asset and liability management, budget, plans and other necessary matters; Applying, causing,
(d) To maintain the paid-up capital, insurance fund and other movable and immovable assets of the insurer as determined by the authority,
(e) To regularly monitor and analyze the policy adopted by the insurer and give necessary instructions to the management (f) To submit the audit report along with the annual report of the insurer to the general meeting,
(g) To carry out and arrange for the tasks specified by the authority from time to time.