Board of Directors - The Steamship Mutual Underwriting Association (Bermuda) Limited

C.K. Ong

A. Pohan 

H.M. Juniel (Chairman)                            

Topics for Consideration:

The Committee shall:
Consist of at least three independent non-executive Directors and shall meet four times a year.
Liaise with the Managers and Auditors in monitoring the integrity of the financial statements of the Club, and provide overall direction to the Managers concerning the scope of financial reporting to themselves and the Board.

The Committee shall review and challenge where necessary:
- the consistency of, and any changes to, accounting policies and the methods used to account for significant or unusual transactions where different approaches are possible;
- whether the Company has followed appropriate accounting standards and made appropriate estimates and judgements, taking into account the views of the external auditor;
- the clarity of disclosure in the Company's financial reports and all other material information presented with the financial statements - insofar as it relates to the audit and risk management;;
- the adequacy of financial resources, reserves, cash flow and financial planning;
- the appropriateness of the Business Plan;
- the adherence to solvency and worldwide regulatory requirements;
- the quality of significant financial returns to regulators and the response to regulatory requests;
- the procedures for detecting fraud and 'whistle blowing';
- the effectiveness and resourcing of the Internal Audit function, internal controls and risk management systems;
- the terms of engagement of the External Auditor and oversee the relationship, including:
the approval of remuneration, assessment of independence and the implementation of the policy on the supply of non-audit services;
- the annual audit plan and audit scope;
- the effectiveness of the External Audit and its findings.

The Committee shall:
Rreport to the Board on its activities.
Review its performance, constitution and terms of reference annually.

Topics for Consideration:

Set and review Terms of Reference for the Board and its committees.
Oversee succession planing for the Board, its committees and the Managers.
Oversee the performance of the Managers.
Set and review investment risk and performance.
Review financial updates to the membership.
Review marketing and public relations for the company.
Recommend Board meeting venues and dates. 

C.K. Ong  (Chairman)                                                                              

Topics for Consideration:

Define underwriting risk appetite and set risk toelerances.
Review rating formulae.
Review scope of cover and standards of entry.
Review underwriting results.
Review fixed premium business and special risks.
Monitor diversity and spread of business.
Review reinsurance programme, including participation in the International Group Pool.
Review reinsurance results.
Review counterparty exposure.
Monitor reinsurance security.

Topics for Consideration:

Review omnibus claims and claims for special consideration.
Monitor overall claims development and statistical analysis.
Monitor claims made by or against the company under the Pooling Agreement.
Review large Class 1 and Class 2 claims.
Monitor legislative developments.
Monitor international conventions.
Monitor and discuss claims issues involving the International Group.
Review requirements for changes in cover.
Report upon interpretation of and proposed changes to Rules.
Report upon proposed changes to insured risks/claims under the Pooling Agreement.
Review loss prevention initiatives.