November 2005 Pulse Survey Results

Captive Corporate Governance

	Question 1 - For all participants

Does Sarbanes-Oxley pertain to your captive now?   Response Percent Response Total     Yes 28.1% 9     No 71.9% 23 Total Respondents   32 (skipped this question)   0

	For participants who answered "no" to question 1

If not, are you considering using SOx or some other corporate governance standard as a best-practice model?   Response Percent Response Total     Yes 39.1% 9     No 60.9% 14 Total Respondents   23 (skipped this question)   9

	For all participants, regardless of how you answered question 1

Who is providing the most guidance on your captive's corporate governance standards? (You may check up to two that apply)   Response Percent Response Total   No one 6.7% 2   Outside auditor 20% 6   Internal auditor 10% 3   Captive manager 43.3% 13   Counsel 43.3% 13     Other (see below for specifics) 20% 6 Total Respondents   30 (skipped this question)   2

Who is providing the most guidance on your captive's corporate governance standards? (These 6 respondents checked "other" above) 1. independent fiduciary 2. Management 3. Broker & Consultant 4. Regulator 5. Board of Directors 6. Directors & CEO