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2. (a) The Director of Capital Markets, Insurance and Savings in the Ministry of Finance will be the Commissioner of Insurance.
(b) The Commissioner may, in order to perform his duties, and upon consultation with the Committee, give instructions as to the activities and management of insurers and insurance agents, of officers therein, and of any person employed by them, all in order to ensure their proper management and safeguarding of the interests of the insureds or the customers, and in order to prevent the prejudice of an insurer's ability to fulfill its obligations; the aforementioned instructions may be given to all Insurers or insurance agents, or to a particular type thereof.
(c) The composition of the committee for the purpose of Subsection (b) will be that composition stated in Section 4(b), except the legal advisor as mentioned in paragraph (1) of the said Section, and the member as mentioned in paragraph 3 of the said section, and the required quorum of its meetings, in deliberation for the purpose of Subsection (b) will be three Committee members.
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Appointment of the Commissioner
(Amended 2005)
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3. The Minister of Finance may, if he sees a need therefor, appoint from among State employees a Deputy Commissioner of Insurance. The Minister of Finance may confer upon the Deputy Commissioner any power vested by this Law on the Commissioner.
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Deputy Commissioner
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4. (a) The Minister of Finance will appoint a Committee whose purpose is to advise the Commissioner. In a matter relating to insurers' licenses or insurance agent licenses, in accordance with this law, and in any other matter as required by this law and any other law.
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The Advisory Committee
(Amended 1996, 2005)
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(b) The Committee will consist of five members, to be appointed from among the public and from among state employees, and for the purpose of the composition of the Committee, the following will apply:
(1) One of the members of the Committee will be a legal advisor appointed with the consent of the State Attorney General, and may be a civil servant or appointed from among the public.
(2) Members of the Committee appointed from among the public will not conduct business in insurance or providence funds or providence fund consulting or marketing, and their number will be no less than three and shall not exceed four;
(3) One member of the committee members as aforesaid in paragraph (2) will be one of the following, as the case may be:
(a) For the purpose of a Committee deliberation in the matter of insurance agents - a person who has in the past been an insurance agent.
(b) For the purpose of a Committee deliberation in the matter of insurers - a person who has in the past been an officer of an insurance company.
(c) For the purpose of a Committee deliberation in the matter of insurers who were granted a license as mentioned in Section 15(a1) - a person who has in the past been an officer of an insurer.
(4) The remaining members of the committee mentioned in Section (2), with the exception of a legal advisor if appointed from among the public, will be a market and economics personnel or staff or former staff members of institutions of higher education who have experience or education in the field of insurance or providence funds.
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(c) The Minister of Finance will appoint one of the members of the Committee to chair the Committee and another of them to be the vice-chairperson; the chairperson and the vice-chairperson will not be civil servants.
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(d) The Committee will convene at the request of the chairperson of the committee or at the Commissioner's request, and shall include in its agenda any subject within its authority at the request of the chairperson or the Commissioner.
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(e) The members of the committee, among whom are the chairperson or the vice chairperson, and the legal advisor, will constitute a valid quorum at its meetings.
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5. Cancelled
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Subcommittees
(Cancelled 2005)
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6. (a) An Advisory Board will be established to advise the Minister of Finance and the Commissioner on any matter involving Insurance brought before it by the Committee or placed on its agenda upon the proposal of one of its members.
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Advisory Board (Amended: 1996)
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(b) The Board will consist of fifteen members appointed by the Minister of Finance and will include four representatives of Insurers, Insurance Agents and Insureds. Three of the Board members will be members of the Advisory Committee as aforementioned in Section 4; Insurance Agents will be represented by three representatives of the Association of which the largest number of Insurance Agents in Israel are members; At least eight of the members of the Board will not be persons who are involved in Insurance Business; At least eight of the members of the Board will not be State employees.
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(c) The Board will elect one of its members to be its chairman and another to be its vice-chairman; one of these will not be a State employee.
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(d) Six members of the Board. including the chairman or vice- chairman will constitute a quorum at its meetings.
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(e) Members of the Committee who are not members of the Board may take part in the meetings of the Board without voting rights.
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(f) The Board may appoint from among its members permanent and ad hoc committees.
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7. (a) Notice of the appointment of the Deputy Commissioner and of a conferment of power under section 3 will be published in Reshumot (the Official Gazette).
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Publication in the Reshumot (Amended 2005)
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(b) Notice of the appointment and termination of tenure of a member of the Committee. a member of the Board or a chairman or vice-chairman will be published in Reshumot (the Official Gazette).
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8. (a) The period of tenure of a member of the Committee or Board will be three years from the date of his appointment, however three of those initially appointed as members of the Committee will be appointed for two years.
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Period of Tenure
(Amended 2005)
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(b) A member of the Committee or Board whose period of tenure has expired may be re-appointed.
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9. (a) A member of the Committee or Board will cease to hold office before the expiration of his period of tenure in any of the following cases:
(1) He resigns by delivering a letter of resignation to the Minister of Finance;
(2) He is, in the opinion of the Minister of Finance. permanently unable to carry out his functions;
(3) He is convicted of an offence which, in the opinion of Attorney-General. involves moral turpitude.
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Termination of tenure
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(b) A State employee appointed as a member of the Committee or the Board will cease to hold office when he ceases to be a State employee.
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10. (a) The Committee and the Board will prescribe their modes of operation and the order of their deliberations to the extent that they are not prescribed by or under this Law.
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Procedures
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(b) The decisions of the Committee and of the Board will be passed by a majority of the members present and voting at the meeting, provided that a quorum is present when they are passed.
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(c) The Minister may prescribe that members of the Committee or Board who are not State employees will be reimbursed out of the Treasury for expenses involved in the performance of their functions.
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11. The existence of the Committee, the existence of the Board or of a committee thereof, and the powers and the validity of the decisions of any of these bodies, will not be affected by the vacancy of the place of a member or by a defect in his appointment or continuance in office.
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Saving of Validity
(Amended 2005)
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12. A person will not disclose anything of the proceedings of the Committee or the Board or any material delivered to either unless he has been authorized to do so by the Minister of Finance or the chairman. This provision will not apply to proceedings which the Committee or Board has decided will be open to the public.
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Secrecy
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