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PIN A5.3.1

Subject to Rules PIN A5.3.2 and PIN A5.3.3, an Insurer's base non-cellular capital consists of the following capital instruments and equity reserves of the Insurer:

(a) paid-up ordinary shares, except for shares referred to in PIN Rule A5.5.1(3);
(b) general reserves;
(c) retained earnings;
(d) current year's earnings after tax; and
(e) hybrid non-cellular capital (as defined in PIN Rule A5.5.1).

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