InterContinental Abu Dhabi has announced the launch of Bayshore, their private beachfront retreat in their marina. Located just five minutes from the Corniche, Bayshore has 300m of private beach, an infinity pool that overlooks the Arabian Gulf, swim-up bar, an open air Jacuzzi, children’s pool (complete with water slide), play area and seven cabanas for rent. It also features health and sports facilities, a day spa and an 80-seat restaurant.
InterContinental Abu Dhabi Resident Manager Mr Khaled Zaki says, “With a full suite of health, fitness and relaxation facilities, and with its own private marina setting, the Bayshore is an oasis of calm in the bustling heart of the city and offers bespoke spaces for everyone to enjoy, from business travellers looking to unwind to families enjoying their weekend.”
Hotel guests will enjoy Bayshore’s amenities with the cost of their room. Non-hotel guests can take advantage of this new retreat with a day pass. A single weekday pass is Dh150 for an adult and Dh80 for a child. A couples pass is Dh270. Prices are slightly higher on the weekend. There are also several membership packages available.
For membership and more information, call 02 693 5285 or email recreation.icabudhabit@ihg.com.
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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