11-1

An Insurance Broker must appoint an external auditor approved by the Central Bank to audit, on an annual basis:

a.

the financial statements or consolidated financial statements of the Insurance Broker prepared in accordance with the accepted accounting standards and practices.

b.

the systems and controls of the Insurance Brokerage operations provided by the Insurance Broker.

11-2

Upon request by the Central Bank, the appointed external auditor must submit, directly or through the Insurance Broker, a report of the audit in a form and within a timeframe acceptable to the Central Bank.

11-3

In addition to the report of audit, the Central Bank may request from the external auditor to:

a.

submit any additional information in relation to the audit, if the Central Bank considers it necessary; and

b.

enlarge or extend the scope of the audit; carry out any other examination.

11-4

The external auditor must verify from all Companies with whom the Insurance Broker deals with on such accounts, when conducting the audit.