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PIN A5.5.1

Subject to PIN Rule A5.5.2, hybrid non-cellular capital includes the following items:

(a) subordinated debt;
(b) preference shares; and
(c) ordinary shares issued by an Insurer to a Holding Company whose own paid-up ordinary share capital, taken together with its general reserves, is lower than that of the Insurer.

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