PIN A5.5.4

The Regulator may at its discretion and on the application of an Insurer, permit that Insurer to apply Rule A5.5.3 as though the figure of 15% was replaced with a higher figure approved in writing by the Regulator. The approved figure may not be more than the actual percentage which the hybrid non-cellular capital represents of adjusted non-cellular equity, and may not in any case exceed 30%.