ABU DHABI // Sheikh Mohammed bin Zayed has praised Sheikh Mohammed bin Saud, the Crown Prince of Ras Al Khaimah, for enlisting for national service.
“It reflects love of the UAE people and leadership to this dear home land,” said the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
Sheikh Mohammed said the leadership and residents “share love, allegiance, self-denial, authentic heritage and history of this beloved country”.
“Joining the rest of Emirati youth is a wonderful example of a role model that reflects all categories and levels of Emirati youth who cherish great love for this beautiful country as a token of gratitude to this giving land,” he said.
Sheikh Mohammed said Sheikh Khalifa, President of the UAE, appreciated the accomplishments of Emirati youths in all civil and military fields.
“They all work for a common goal, to serve and exalt the UAE, following the footsteps of the founding fathers,” said Sheikh Mohammed.
“For the sake of the homeland positions and titles are humbled, as tasks and responsibilities grow and giving for homeland increases to keep it fortified as foreseen by the founders.”
Sheikh Mohammed said he appreciated the high sense of patriotism and responsibility of Sheikh Mohammed bin Saud in performing a duty of honour.
“You are all aware of challenges and requirements of readiness and willingness and how to tackle them,” said the the Crown Prince of Abu Dhabi.
For his part, the Crown Prince of Ras Al Khaimah expressed his pleasure in enlisting for national service.
“We respond to the national call and the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan to be his loyal soldiers at all times, and to sacrifice for our dear country and maintain our national gains,” said Sheikh Mohammed bin Saud.
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MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Company profile
Company name: Dharma
Date started: 2018
Founders: Charaf El Mansouri, Nisma Benani, Leah Howe
Based: Abu Dhabi
Sector: TravelTech
Funding stage: Pre-series A
Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big