Fit & Proper Criteria and Deed of Covenants to be signed by Directors :

While Insurance Act prohibits common directorships between life insurance companies and prohibition of agent being a director of an insurance company, the guidelines also expects the incumbent to have a clean track record and a declaration is required to be taken from the Director before his appointment. This declaration has to be renewed on an yearly basis. In order to ensure that there are no gaps in understanding the roles and responsibilities, the Guidelines also requires every Director to sign a Deed of Covenant with the company.