UAE expresses grave concern over plight of the Rohingya Muslim minority in Myanmar



ABU DHABI // The UAE expressed grave concern on January 20 over the plight of the Rohingya Muslim minority in Myanmar.

It reiterated support for efforts being made to alleviate the suffering of Muslims in the southeast Asian country while urging its government to promote harmony among Myanmar’s ethnic segments.

“What is happening now is a slow genocide being carried out against the Rohingya Muslim minority by racist-motivated nationalism,” said Dr Maitha Al Shamsi, UAE Minister of State. “The UAE is gravely concerned over the intolerance against the Rohingya Muslim minority in Myanmar. We will continue to extend a helping hand and humanitarian assistance to the Rohingya while supporting the efforts being made to alleviate their suffering and improve their humanitarian conditions.”

Dr Al Shami was speaking to members of the Organisation of Islamic Cooperation, considered the collective voice of the Muslim world, in Kuala Lumpur. “The UAE continues to offer assistance to the Rohingya Muslims to help improve their humanitarian conditions and defend their legitimate rights,” she added. “The United Nations should shoulder its responsibility and take necessary action on the situation of the Rohingya.”

The Rohingya are Muslims who lost their country and nationality and were forcibly displaced after being stripped of their legitimate rights and suffering from a number of violations.

The UAE has offered more than US$1.7 million in humanitarian aid for the Rohingya.

During the meeting, Malaysian Foreign Minister Anifah Aman called for a fundamental solution to the Rohingya crisis.

newsdesk@thenational.ae

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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.

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