PIN A5.10.4

The DFSA may at its discretion and on the application of an Insurer, permit that Insurer to apply PIN Rule A5.10.3 as though the figure of 15% was replaced with a higher figure approved in writing by the DFSA. The approved figure may not be more than the actual percentage which the hybrid cellular capital represents of adjusted cellular equity, and may not in any case exceed 30%.

Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]