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ARTICLE (1)
INSTITUTION OF THE COMMISSION
A specialized Commission shall be instituted within the framework of the AGCC States, being a judicial person with an independent budget, and shall be hereinafter called the "The Co-ordination commission for Gulf Insurance and Reinsurance Companies". The commission shall be located in Abu Dhabi-U.A.E.
ARTICLE (2)
OBJECTS OF THE COMMISSION
Within the framework of promoting co-operation and co-ordination between the Gulf insurance companies, and exchanging of ideas and experience for the members benefit,and enhancing the national technical cadres.
The Basic Objects of the Commission are determined in the following order:
1. To safeguard the interests of the Gulf Insurance and Reinsurance Companies (of the AGCC States)on the regional and the international levels.
2. To co-ordinate efforts at a time of crisis and disaster and exchanging of information inorder to prevent and alleviate their insurance impact and obtaining statistical breakdown resulting from the finding thereto
3. To promote co-operation between member insurance companies in all aspects of insurance operations such as underwriting and exchanging of information about loss ratios…etc.
4. To co-operate in the area of establishment of national cadres, encouragement and training of these cadres to work in insurance companies.
5. To promote and enhance co-ordination between insurance legislations at the AGCC States level.
6. To conduct studies and present adequate and timely advice and recommendations deemed vital for preventing and minimizing losses in various branches of insurance.
7. To promote insurance.
8. To encourage common investments between Gulf insurance companies
ARTICLE (3)
AMODUS OPERANDI
The commission shall undertake to prepare, execute and follow up plans, programmes and activities in order to attain its objects stated in the previous article and in doing so shall resort to the following modus operandi:
1. To organize training activities and promotion of curriculams and training facilities necessary to develop the abilities and skills of insurance staff working in the Gulf insurance markets.
2. To organize specialized conferences and symposia designed in particular for direct insurance and re-insurance.
3. To conduct comparative studies, scientific and applied research about insurance activity in the AGCC states.
4. To encourage scientific and applied studies and granting material and moral support to researchers.
5. To issue various bulletins and publications for serving insurance activities in the AGCC States.
6. To conduct studies for boosting co-ordination between insurance legislations on the AGCC states level.
7. To promote co-operation in the area of re-insurance.
8. To contribute to establishment and operation of the Gulf network for insurance information.
9. To organize exchanging of experts and information between the commission and the concerned academic bodies and organizations and fostering all aspects of co-operation and exchanging training scholarships with them.
10. To streamline efforts to resolve disputes which may arise among members through cordial means of arbitration resolutions.
11. To coordinate technical cooperation with regional union and organizations concerned with insurance activity and organizing common activities and programmes with them.
12. To participate in the membership of international insurance unions and organizations and to endeavour to benefit of international expertise in the area of insurance activity and to exert continuous effort to acquaint others with the Gulf experience in this respect.
13.To employ any other possible means assisting the commission to realize objectives.
ARTICLE (4)
MEMBERSHIP
Membership shall be optional for Gulf Insurance Companies, which means those who hold the nationality of any of the AGCC States, on condition s that at least 51% of the company's equity shall be owned by Gulf nationals and the majority members of the company's board of directors shall be nationals of the AGCC states.
(In case of insurance companies which basically operate in Saudi Arabia and are not registered in it, it shall be sufficient to meet the condition of the ownership and the Saudi nationality for the majority of the board members).
The term defining insurance companies includes re-insurance companies too.
ARTICLE (5)
ORGANISATIONAL SYSTEM
The commission is formed of the following organs
1. GENERAL ASSEMBLY
2. EXECUTIVE COUNCIL
3. GENERAL SECRETARIAT
4. COMMITTEES
ARTICLE (6)
GENERAL ASSEMBLY
The General Assembly shall be constituted of:
The representative of all insurance companies of the commission on equal footing.
ARTICLE (7)
ORDINARY GENERAL ASSEMBLY
1. The General assembly shall hold its ordinary meeting at least once every year and the place and date of the meeting shall be fixed on agreement between the Chairman of the Executive Council and the Secretary General of the Commission.
2. The Extra-Ordinary General Meeting shall convene only at the invitation of the Executive Council or if so requested by one third of working members and the invitation to be extended shall specify the agenda of the extra ordinary general meeting ,the place and the date fixed for the meeting.
3. Each company member of the Commission shall have one single vote.
4. The meeting for the ordinary general assembly shall be quorum only if attended by the majority companies members of the commission and resolutions shall be adopted by approval of the majority of votes of companies represented in the meeting and in case of split vote and side on which the chairman votes shall prevail.
5. The meeting for the extra –ordinary general assembly shall be quorum only if attended at least by the representatives of two thirds of the member companies and resolutions shall also be adopted by approval of two thirds of member companies.
6. Ordinary general assembly resolutions shall be reached by the majority of votes of member companies present and incase of split vote the side on which the chairman votes shall prevail.
That is with the exception of circumstances where the resolution to be reached shall require two thirds of votes of companies to undertake –
1. To suspend or withdraw membership of the commission
2. To amend the constitution.
3. To dissolve the commission.
ARTICLE (8)
RESPONSIBILITIES OF THE GENERAL ASSEMBLY
The general assembly is considered the higher authority in the commission.
The Ordinary General Assembly is Responsible for :
1. Accepting applications for membership of the commission.
2. Endorsement of the members of the Executive Council of the Commission.
3. Appointing the General Secretary.
4. Approval of the Commission's working strategy, plans, budgets and financial statement.
5. Approval of the commission of the commission's internal regulations, financial, personnel affairs and employment structure.
6. Discussion of the report presented by the Executive Council about annual achievements and issuance of directives of the General Secretariat in all matters leading to upgrade the commission's performance.
7. Appointing auditors, fix their fees.
8. Establishing branches and office for the Commission.
9. Fixing membership fee and annual subscription.
10. Deciding all means necessary to achieve the purpose and objectives of the commission.
The Extra Ordinary General Assembly is responsible for :
1. Discussing the urgent and important matters submitted by the Executive Council or one third of the members entitled to attend the general assembly.
2. Amending the constitution.
3. Suspending or withdrawing membership except for the two conditions stated in para (A) and (B) of clause No.(1) of Article (5).
4. Considering dissolve of the commission.
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