An auditor or auditors of the Company shall be appointed, and his or their duties regulated, in accordance with the provisions of the M1Companies Act 1985 relating to audit as applied to the Company and of section 21 of the M2Insurance Companies Act 1982. The auditor or auditors shall not be deemed to be an officer or officers of the Company for the purposes of regulation 93.

The remuneration of the auditor or auditors shall be determined by the Company in general meeting or in such manner as the Company in general meeting may determine.