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Responsibilities of Board on nominations for appointments

Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Licensed Insurer Subsidiary) Regulations 2022

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—(1) The Board of a Tier 2 DFHC (Licensed Insurer) must identify the candidates and review all nominations for the appointment of the following persons of the Tier 2 DFHC (Licensed Insurer):(a)each director;(b)the chief executive and deputy chief executive.(2) Subject to paragraph (3), the Board must determine the criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of this Part.(3) The criteria to be applied in identifying a candidate or reviewing a nomination for the purposes of this Part must include the following:(a)the appointment of the candidate or nominee will not breach regulation 6(1);(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 any other relevant factors that may be determined by the Board.(4) If any of the persons mentioned in paragraph (1) resigns from his or her appointment in the Tier 2 DFHC (Licensed Insurer), the Board must review the reasons provided by the person for his or her resignation.

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