Bulgari Hotels has announced its first property in the United States, the Bulgari Hotel Miami Beach. The luxury resort is to open in 2024 and will be the 11th property in the collection.
The hotel will be located at 100 21st street in Miami Beach, on the waterfront with access to the city's beaches and close to the city's art deco district. Italian architectural firm Antonio Citterio Patricia Viel will oversee the restoration and design of the 1950s modernist property.
“We are particularly proud to have secured such an extraordinary location for the new Bulgari Hotel in Miami. This will be our first property in the United States which is a key market for our brand and we are delighted to add the vibrant and glamorous Miami Beach to our collection," said Bulgari chief executive Jean-Christophe Babin.
The hotel will have 100 rooms, an outdoor pool, spa and fitness facilities and restaurant and bar from Chef Niko Romito.
Bulgari Hotels currently operates six hotels around the world, located in Dubai, Milan, London, Bali, Beijing and Shanghai. The brand has announced hotels in Paris, Rome, Moscow and Tokyo, which will all open before 2023.
The Bulgari Resort Dubai has 101 rooms and suites. It is located on Jumeirah Bay, a seahorse shaped-island a few minutes’ drive from central Dubai. The hotel is surrounded by residences and is a short buggy ride from the nearby Yacht Club. City attractions such as the Burj Khalifa and Jumeirah Beach are just 10 to 15 minutes’ drive away. Chef Niko Romito is behind the hotel's Il Ristorante restaurant.
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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.
MATCH INFO
What: India v Afghanistan, first Test
When: Starts Thursday
Where: M Chinnaswamy Stadium, Bengalaru
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
