The Audit Committee reviews the returns that the Company is required to file with the Financial Services Commission (FSC), reports made by the Company’s internal and independent (external) auditors under the Insurance Act, and the Companies Act, as well as other reports, transactions or matters determined by the FSC.  The Audit Committee’s approval of such returns, financial statements or reports is required prior to approval by the Board of Directors. The Committee has authority independent of the Board of Directors in the performance of its duties. The Committee is required to meet at least quarterly, and all Committee minutes and reports are subsequently reviewed by the Board of Directors.