Section 1551(13) of the Companies Act 2014 (as inserted by the Companies (Statutory Audits) Act 2018) 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 Orkla Insurance Company DAC has determined that it will perform the equivalent functions of an audit committee and accordingly has taken responsibility to perform the equivalent functions to an audit committee for Orkla Insurance Company DAC.