Responsibilities of Nominating Committee
12.—(1)  The Nominating Committee of a Tier 1 insurer shall identify the candidates and review all nominations for the appointment of the following persons of the Tier 1 insurer:
(a)each director;
(b)each member of each board committee;
(c)the principal officer and deputy principal officer;
(d)any actuary appointed with the approval of the Authority under the Act;
(e)the chief financial officer; and
(f)the chief risk officer.
(2)  Subject to paragraph (3), the Nominating Committee shall determine the criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of these Regulations.
(3)  The criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of these Regulations shall include the following:
(a)the appointment of the candidate or nominee will not result in non-compliance with the requirements under regulations 7(1), 9, 11(1), 16(1), 17(1) and 18(1); and
(b)the candidate or nominee is a fit and proper person for the office and is qualified for the office, taking into account the candidate’s or nominee’s track record, age, experience, capabilities, skills and such other relevant factors as may be determined by the Nominating Committee.
(4)  The Nominating Committee shall review the reasons provided by each of the persons referred to in paragraph (1) for his resignation from his appointment in the Tier 1 insurer.
(5)  The Nominating Committee shall maintain records of all its meetings.