CA-1.2.9
Tier 1 capital elements included in Subparagraph CA-1.2.8 (a) to (c) can only be so included if:
(a) It is issued by the insurance firm ;
(b) It is fully paid, and only that portion of the shares for which payment has been received is otherwise included; and
(c) It:
(i) Cannot be redeemed at all or can only be redeemed on a winding up of the insurance firm ; or
(ii) Is only redeemable at the option of the insurance firm and complies with any conditions applicable to joint stock companies in Bahrain;
(d) Any coupon is non-cumulative;
(e) It is able to absorb losses;
(f) It ranks for repayment upon winding up no higher than a share of a company incorporated under the Joint Stock companies law of Bahrain;
(g) Coupons on it can only be paid out of accumulated realised profits;
(h) No coupon is payable at a time when the insurer is in breach of Paragraph CA-1.2.1 and no coupon is payable to the extent that, after paying it, the insurance firm would breach that Rule; and
(i) The proceeds of issue are immediately and fully available to the insurance firm .
Amended: January 2007