The Company is subject to ‘The Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings’ but is not deemed to be a ‘major institution’ under the terms of the code.

Section 1551(1) of the Companies Act 2014 provides an exemption for captive insurers to establish an Audit Committee. This exemption exists where, inter alia, a body performs equivalent functions to an audit committee. The Board of Haystack Reinsurance DAC has determined that it will perform the equivalent functions of an audit committee for the Captive and accordingly has taken responsibility to perform the equivalent functions of an audit committee for the Captive.

Haystack Reinsurance DAC is regulated by The Central Bank of Ireland.