Salesman denies theft



DUBAI // A sales manager has denied stealing Dh51,000 and a car before fleeing the country, telling a court that he left to attend his mother, who was unwell.

Ugandan S G was accused of breaking into a safe at his workplace on August 18 last year and then taking a company car.

South African manager F D told prosecutors S G requested his passport to open a bank account.

She said that a week later she put Dh51,000 into the safe, which had a security code, as S G looked on.

The next day she found the safe open and the money gone. S G was not at work.

Surveillance video showed the defendant leaving with what appeared to be an envelope.

At Dubai Criminal Court on Thursday, S G said that it was not an envelope but a laptop bag.

The defendant pleaded not guilty to theft.

The next hearing is on June 18.

tzriqat@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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Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
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Sector: Entertainment 
 
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Based: Cairo, Egypt

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Size: 450 employees

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Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

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APPLE IPAD MINI (A17 PRO)

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