"senior manager"
means—
| (a) | the chief executive officer or the person who is in charge of an insurer or a controlling company; or |
| (b) | a person, other than a director or a head of a control function— |
| (i) | who makes or participates in making decisions that— |
| (aa) | affect the whole or a substantial part of the business of an insurer or a controlling company; or |
| (bb) | have the capacity to significantly affect the financial standing of an insurer or a controlling company; or |
| (ii) | who oversees the enforcement of policies and the implementation of strategies approved, or adopted, by the board of directors, |
and "senior management" has a corresponding meaning;