• Rashid Al Mulla in action in Sharjah on his way to victory. Simon Palfrader
    Rashid Al Mulla in action in Sharjah on his way to victory. Simon Palfrader
  • Rashid Al Mulla in action in Sharjah. Vittorio Ubertone / ABP
    Rashid Al Mulla in action in Sharjah. Vittorio Ubertone / ABP
  • Team Abu Dhabi's Rashed Al Tayer. Handout
    Team Abu Dhabi's Rashed Al Tayer. Handout
  • Team Abu Dhabi's Rashed Al Tayer rides the Sharjah waves. Simon Palfrader
    Team Abu Dhabi's Rashed Al Tayer rides the Sharjah waves. Simon Palfrader

Title glory for UAE's Rashid Al Mulla in aquabikes competition in Sharjah - in pictures


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Team Abu Dhabi’s Rashid Al Mulla claimed his maiden UIM-ABP Freestyle World Championship title at Khalid Lagoon in Sharjah on Wednesday.

The Emirati has dominated the Freestyle category this season and victory in both Moto 1 and Moto 2 on Wednesday gave him an unassailable lead in the points’ standings.

The 31-year-old Emirati continued where he left off in the qualifying heat to dominate Moto 1 with a potent array of acrobatics that impressed the judges in terms of variety, quantity, entertainment and style.

An array of barrel-rolls, back-flips, reverse 360s, fountains and combinations and quick and smooth transfers gave him 90 points. The success enabled Al Mulla to continue his 100 per cent winning streak so far this season. Portugal’s Paulo Nunes claimed second and the UAE’s Ali Abdeljalil was third.

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There was no respite in Moto 2 and the Team Abu Dhabi driver confirmed a sixth successive win to seal the title. Nunes and Alexander Kuramshin were second and third in Moto 2 after world No 1 Roberto Mariani suffered ongoing issues with his equipment and failed to start. Abdeljalil aborted his second Moto after engine problems.

Al Mulla said: “I have been working on this programme for seven years now and I have continued to develop and improve my display. To win the world championship is a special feeling. I am so happy for my team. Now I can enjoy the final Moto on Friday as the world champion.”

Team Abu Dhabi’s Rashed Al Tayer lined up in fourth on the front row for Runabout GP1’s 25 minutes and an extra lap of Moto 1, but the Emirati made a disappointing start and was down in eighth position at the end of the opening circuit.

Series leader Jeremy Perez led from Lars Akerblom but Kuwait’s defending champion Yousef Al Abdulrazzaq was penalised for hitting a buoy and dropped to fifth before improving to fourth, his struggle exacerbated by a niggling shoulder injury.

Al Tayer retired with a throttle sensor issue after two laps, as Perez went on to claim the win from a late charging Al Abdulrazzaq, Akerblom and James Bushell and extended his series lead to six points. Mattia Fracasso lost out on third place on the last lap and was towed back to the pits with a battery issue.

Al Tayer said: “After the pole position I had some problems with my boat. Before Moto 1 we finished the engine. We did not have time for any tuning. We went to the race, but I missed speed because of a throttle sensor problem. I had to retire from Moto 1. Our mechanic did his best to fix the boat for Moto 2.”

'Saand Ki Aankh'

Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars

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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.

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