The requirements distinguish between different types of insurance licensees. For insurance brokers, Sections HC-3.2 Audit Committee and HC-3.3 Audit Committee Charter are to be considered as Guidance and the Comply or Explain Principle (see Paragraph HC-A.1.8) applies. In addition references to the Nominating and Remuneration Committees do not apply for insurance brokers. Because of their limited business activities, and consequent lesser risk to customers, insurance consultants, insurance managers and captive insurance firms are subject to applicable Guidance Paragraphs included in Chapter HC-10.