[ N ] [ N ] [Net Outstanding Claims—Notice of Objection]
Net Outstanding Claims
In respect of an
Insureras at a date, Gross Outstanding Claimsof the Insureras at that date, less the amount of reinsurance and other recoveries expected to be received in respect of those claims.
Net Written Premium
In respect of an
Insurerduring a period, Gross Written Premiumof the Insurerduring that period less the amount of premium on reinsurance contracts entered into by the Insureras cedant during the same period.
Netting [Deleted][Deleted] DFSA RM114/2012 (Made 15th October 2012). [VER28/12-12]
Netting by Novation
The process of automatically amalgamating some or all claims and obligations between two
Counterpartiesto create a single new claim or obligation replacing the relevant former claims or obligations.
A company incorporated in the
DIFCwhose business consists solely of acting as a holder of Client Assetswhere such assets are held by the Nominee Companyas agent of an Authorised Firm.
Assets of a
Protected Cell Companywhich are not Cellular Assets.
Liabilities that may not be settled by disposition of cellular assets.
Person, other than an Insurer, who is authorised and supervised as an insurer by a Financial Services Regulator.Derived from DFSA RM180/2016 (Made 19th June 2016) [VER36/08-16]
Means an Employee Money Purchase Scheme or any similar scheme or arrangement that is established outside the DIFC.Derived from DFSA RMI303/2021 (Made 30th June 2021). [VER52/09-21]
Non-Performing(1) In the case of loans and other financial instruments to which an
Authorised Firmis exposed, having either of the following qualities:(a) Contractual payments of interest or principal are 90 days or more past the date on which they were due and payable, and the current value of any security held in respect of the loan or other financial instrument is insufficient, after making allowance for expenses of realisation, to meet the total amount of principal and accrued interest; or(b) having an enhanced risk of default, assessed on the basis of reasonable criteria.(2) In regard to (1)(a), if a loan or other financial instrument has a regular payment schedule, the loan or other instrument is 90 days past due when 90 calendar days have elapsed since the due date of a contractual payment that has not been met in full; and the total amount that is due but has not yet been paid is equivalent to at least 90 days' worth of contractual payments.
Describes positions, exposures and on- and off-balance sheet items, which are not in the
Notice of Administrative Censure [Deleted][Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]
Notice of Administrative Fine [Deleted][Deleted] DFSA RM110/2012 (Made 23rd December 2012). [VER29/12-12]
Notice of Objection
A notice filed by a
Personwho has received a Notice of Administrative Censureor a Notice of Administrative Finewho objects to the imposition of the censure or fine as the case may be.