1)

The transfer application shall be submitted to the CBUAE, accompanied by the documents related to the transfer agreement, and the transfer application shall be published in two local daily newspapers, one of which is published in Arabic, at the expense of the transfer applicant, or as per the mechanism determined the CBUAE; provided that the announcement shall refer to the right of policyholders, the Beneficiaries or any interested party to file any objection to the CBUAE to such transfer, within (10) business days from the date of the announcement; provided that the subject of their objection and the grounds thereof are determined.

2)

The CBUAE shall issue its approval of the transfer if no interested party objects thereto within the period referred to in Clause (1) above. The decision shall be published in the Official Gazette within one month from the date of its issuance, and it may be invoked vis-à-vis the Insured, the Beneficiaries and the Company’s creditors, and the funds shall be transferred to the Company to which the policies have been transferred, subject to the provisions relating to the transfer of ownership and assignment of funds; provided that the transferred funds are exempted from the registration fees under the provisions relating to the transfer of ownership and assignment of funds.

3)

If an objection is submitted within the period referred to in Clause (1) above, the transfer application shall be decided on only after an agreement is reached between the interested parties or a final judgement is rendered on such objection. However, the CBUAE may issue a decision approving the transfer; provided that a guarantee is submitted by the Company to the CBUAE equivalent to its obligations vis-à-vis the objector, including the expenses that may be incurred for retaining any of the Company’s assets.