1)

The Company’s Auditor shall submit a prompt report to the CBUAE, with a copy thereof to the Company’s Chairman in any of the following cases:

a.

If they found out that the financial position of the Company does not enable it to fulfill its obligations vis-a-vis the Insured or Beneficiaries or hinders its capacity to fulfil the financial requirements set forth in this Decree-Law and the resolutions, regulations, statutes and instructions issued thereunder related to the financial position of the Company;

b.

If they found out that there is material imperfection in the Company’s performance of its financial procedures, including entering data in its accounting records, and the existence of material deficiencies in the internal controls that could pose a threat to its financial position and stability;

c.

If they refuse or have reservations in respect of any certificate or statement issued by the Company related to its income or financial statements;

d.

If they fail to express their opinion on the Company’s financial statements due to material misstatements or fraud;

e.

If they find out that the Company does not comply with the laws, resolutions, regulations, and instructions related to the Company’s financial statements; and

f.

If they decide to resign or their reappointment to the Company is rejected.

2)

The CBUAE may request the Auditor to directly provide it, within a specific period, with the information needed to monitor the Company’s operations.

3)

When the Auditor recommends that the financial statements filed thereto by the board of directors not to be approved, the Company’s general assembly meeting shall decide the following:

a.

To return the financial statements to the Company’s board of directors and ask the latter to correct the statements according to the Auditor’s observations and are deemed approved after the observations are rectified.

b.

To refer the matter to the CBUAE to appoint a committee of expert Auditors and fix their remunerations to be charged by the Company to adjudicate the subject matter of the dispute between the Company’s board of directors and its Auditor. Having been presented again to, and approved by the general meeting, the Committee’s decision shall be binding and the financial statements shall be adjusted as per the committee’s decision.