Section 19: Managing director of the Corporation

(1) There shall be an officer of the Corporation, to be known as the managing director, who shall be appointed by the Minister, subject to the approval of the President and the person so appointed shall-
(a) be the holder of a recognised qualification in the field of insurance and shall have at least ten years' experience in insurance business;
(b) not, while he is the holder of that office, hold any directorship in any corporation, company or concern other than the Corporation.
(2) The managing director shall be the chief executive of the Corporation and shall be responsible for the general administration of the Corporation, the execution of the policy of the Corporation and the transaction of its day-to-day business.