Entire Section

  • [ N ] [ N ] [Net Outstanding Claims—Notice of Objection]

    • Net Outstanding Claims

      In respect of an Insurer as at a date, Gross Outstanding Claims of the Insurer as at that date, less the amount of reinsurance and other recoveries expected to be received in respect of those claims.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • Net Written Premium

      In respect of an Insurer during a period, Gross Written Premium of the Insurer during that period less the amount of premium on reinsurance contracts entered into by the Insurer as cedant during the same period.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • 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 Counterparties to create a single new claim or obligation replacing the relevant former claims or obligations.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • Nominee Company

      A company incorporated in the DIFC whose business consists solely of acting as a holder of Client Assets where such assets are held by the Nominee Company as agent of an Authorised Firm.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • Non-Cellular Assets

      Assets of a Protected Cell Company which are not Cellular Assets.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • Non-Cellular Liabilities

      Liabilities that may not be settled by disposition of cellular assets.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • Non-DIFC insurer

      A 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]

    • Non-DIFC Scheme

      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 Firm is 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.

      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • Non-Trading Book

      Describes positions, exposures and on- and off-balance sheet items, which are not in the Trading Book.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]

    • 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 Person who has received a Notice of Administrative Censure or a Notice of Administrative Fine who objects to the imposition of the censure or fine as the case may be.


      Derived from DFSA RM12/2004 (Made 16th September 2004). [VER1/09-04]