CHUBB Arabia Approves Amendments to Articles of Association in Line with New Companies Law

CHUBB Arabia Cooperative Insurance Company announced on Sunday the results of its Extraordinary General Assembly Meeting (first meeting), during which shareholders approved a comprehensive set of amendments to the company’s Articles of Association.

The key decisions included:

1. Amendment of Article (8): Related to the company’s capital.
2. Alignment with New Companies Law: Amendments to various articles to ensure compliance with the updated regulations, including rearranging and renumbering the bylaws.
3. Significant Article Amendments: Approval of updates to numerous articles covering aspects such as incorporation, company purposes, capital adjustments, board powers, assembly meetings, voting procedures, and financial documentation.

Additionally, the assembly approved:

• Deletion of Redundant Articles: Articles (10), (27), and (28) were removed as they are no longer applicable.

• Addition of New Articles:

  • Article (27): Related to liability claims.
  • Article (28): Concerning urgent decision-making by the Board of Directors.