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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 GD Insurance Company DAC has determined that it will perform the equivalent functions of an audit committee for GD Insurance Company DAC and accordingly has taken responsibility to perform the equivalent functions to an audit committee for GD Insurance Company DAC.