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  • [ E ]

    • Earmarked asset(s) (as used in CA-8.4.7)

      Must comply with the criteria outlined in Paragraph CA-8.4.6 and refer to the following allocated assets from the shareholder fund to each of the participants' fund:

      (a) Cash and unencumbered current accounts with financial institutions;
      (b) Placements with financial institutions maturing within one month;
      (c) Readily marketable securities;
      (d) GCC government securities;
      (e) Other sovereign securities, other than (c) and (d), up to one year maturity, carrying an S&P minimum rating of A (or equivalent); and
      (f) Accounts receivable due within one month.
      Added: April 2014

    • Employee

      An individual: a) who is employed or appointed by a person in connection with that person's business, whether under a contract of service or otherwise; or b) whose services, under an arrangement between that person and a third party, are placed at the disposal and under the control of that person; but excluding an Appointed Representative of that person.

      Amended: April 2011

    • Endowment assurance contract

      A life policy which pays a sum of money on the survival of the life assured to a specific date or on his earlier death.

    • Executive director

      Means a director who is an officer or employee, or is otherwise involved in day-to-day management, of either:

      a) The insurance licensee;
      b) Another company which is a controller of the insurance licensee;
      c) Another company of which the insurance licensee is a controller; or
      d) Another company which is controlled by a controller of the insurance licensee.

      In this definition, the word "company" which is a controller of the licensee excludes sovereigns such as government owned entities and government ministries.

      Amended: April 2011

    • Exempt introducer

      A person who introduces business to an insurance firm or intermediary who does not fall within the definition of insurance intermediary or Appointed Representative as a consequence of the exclusions in Paragraph AU-1.4.13.

      Amended: October 2014