Corporate Governance Policy

CHARTER OF THE INVESTMENT COMMITTEE

The Committee shall consist of the three Board members and the President. The Chief Executive Officer, Chief Investment Officer and Treasurer/ Chief Financial Officer of the Companies may attend the meetings of the Committee. The Secretary of the Company shall also attend meetings and record minutes.

The Committee (1) reviews the Company’s capital management policies and issues including the registration and issuance of equity and debt securities, dividend policy and dividends; and (2) establishes and monitors the investment policies and guidelines of the Companies and reviews and ratifies investments for the Company.

1. The Committee has the general responsibility to review and provide guidance to the Board of Directors on all proposals concerning the investments of the Company.
2. The Committee has general responsibility for overseeing the investment portfolio of the Company to insure that the assets of the Company designated for the investment portfolio complement and support the insurance operations of the Company and provide reasonable risk/return characteristics. The Committee shall:
1. approve and monitor investment policies for the Company;
2. review investment policy violations and approve corrective actions;
3. review investment asset allocation;
4. review investment strategy;
5. review and ratify securities transactions of the Company;
6. and review tax planning and compliance proposals.
3. In addition to the foregoing the Committee shall:
1. annually conduct a review of the Committee’s performance; and
2. regularly report on the Committee’s activities to the Boards of Directors.