Determination of independence by Board
22.—(1)  Where a person is proposed to be appointed as a director of a Tier 2 insurer, prior to his appointment, the Board of the insurer —
(a)shall determine —
(i)whether he is independent from management and business relationships with the Tier 2 insurer; and
(ii)whether he is independent from any substantial shareholder of the Tier 2 insurer,
using the criteria set out in regulation 5 or 6, as the case may be, and, where applicable, in accordance with regulation 23; and
(b)shall maintain a record of its determination.
(2)  Prior to every annual general meeting of the Tier 2 insurer, the Board —
(a)shall determine —
(i)whether each existing director is independent from management and business relationship with the Tier 2 insurer; and
(ii)whether each existing director is independent from any substantial shareholder of the Tier 2 insurer,
using the criteria set out in regulation 5 or 6, as the case may be, and, where applicable, in accordance with regulation 23;
(b)shall review and assess whether each existing director remains qualified for the office using the criteria set out in regulation 21(3); and
(c)shall maintain a record of its determination and its assessment, respectively.