DELTA MUTUAL, INC. Code of Business Conduct & Ethics

Adopted by the board of directors on April 12, 2005

Download a full PDF version of the Delta Mutual Corporate Policy here.

1. Overview

This Code of Business Conduct and Ethics ("Code") covers a wide range of business practices and procedures and outlines the broad principles of ethical business conduct adopted by Delta Mutual, Inc. (the "Company"). The collection of policies and guidelines embodied in the Code apply to all of the Company's employees, officers, directors and consultants. Since no written policy can set forth the appropriate action for all business situations, this Code describes a general standard of ethical conduct that must permeate all of the Company's business dealings and relationships.

If a law conflicts with a policy in this Code, you must comply with the law. If you have any questions about these conflicts, you should ask your supervisor or the Company's General Counsel how to handle the situation.

Those who violate the standards in this Code will be subject to disciplinary action, up to and including termination of employment. If you are in a situation which you believe may violate or lead to a violation of this Code, follow the guidelines described in Section 12 of this Code.

2. Compliance With Applicable Laws, Rules, and Regulations

Obeying the law, both in letter and in spirit, is the foundation on which this Company's ethical standards are built. As an international United States-based company, the Company is subject to laws, rules, and regulations both in the United States-and abroad. All employees, officers, directors and consultants must respect and obey the laws of the cities, states and countries in which the Company operates. Although not all employees are expected to know the details of these laws, it is important to know enough to determine when to seek advice from supervisors, managers or other appropriate personnel, inasmuch as all employees, officers, directors and consultants are expected to comply fully with all laws, rules, and regulations applicable to the Company's businesses and with all applicable company policies.

3. Books and Records

The Company requires honest and accurate recording and reporting of information in order to make responsible business decisions. All employees, officers and directors must ensure that all of the Company's books, records, accounts and financial statements meet the highest standards of accuracy and completeness, appropriately reflect the Company's transactions and conform both to applicable legal requirements and to the Company's system of internal controls. Unrecorded or off the books funds or assets should not be maintained unless permitted by applicable law or regulation.

Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation please consult the Company's General Counsel. Falsification of any record is prohibited and mistakes should never be covered up. All mistakes should be immediately and fully disclosed and corrected. If you detect or suspect improper record keeping, you should immediately contact the General Counsel.

4. Public Disclosure and Reporting

The Company requires full, fair, accurate, timely, and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission and other regulators, and in other public communications made by the Company. Depending on an individual's responsibilities at the Company, some employees, officers and/or directors may be required to provide information to insure that the Company's public records meet this standard. The Company expects all individuals to take this responsibility seriously and to provide prompt and accurate answers to inquiries related to the Company's public disclosure requirements.

5. Insider Trading

Persons who have access to confidential information are not permitted to use or share that information for stock trading purposes or for any other purpose except the conduct of the Company's business. All non-public information about the Company should be considered confidential information. To use non-public information for personal financial benefit or to tip others who might make an investment decision on the basis of this information is not only unethical but also illegal. In order to assist with compliance with laws against insider trading, the Company has adopted a specific policy governing trading in the Company's securities by employees, officers and directors. If you have any questions, please consult the Company's General Counsel.

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