Determination of independence by Nominating Committee
13.—(1) Where a person is proposed to be appointed as a director of a Tier 1 insurer, prior to his appointment, the Nominating Committee of the insurer —
(a)
shall determine —
(i)
whether he is independent from management and business relationships with the Tier 1 insurer; and
(ii)
whether he is independent from any substantial shareholder of the Tier 1 insurer,
using the criteria set out in regulation 5 or 6, as the case may be, and, where applicable, in accordance with regulation 14; and
(b)
shall maintain a record of its determination.
(2) Prior to every annual general meeting of the Tier 1 insurer, the Nominating Committee —
(a)
shall determine —
(i)
whether each existing director is independent from management and business relationship with the Tier 1 insurer; and
(ii)
whether each existing director is independent from any substantial shareholder of the Tier 1 insurer,
using the criteria set out in regulation 5 or 6, as the case may be, and, where applicable, in accordance with regulation 14;
(b)
shall review and assess whether each existing director remains qualified for the office using the criteria set out in regulation 12(3); and
(c)
shall maintain a record of its determination and its assessment, respectively.