1. An application to license the insurance companies established in the State shall be submitted to the Director General by the founders' committee of the insurance or reinsurance company on the form approved by the Board for the purpose.
    
2. Licensing application shall be accompanied by the following statements and documents:
    
   1. The company's memorandum and articles of association indicating the founders' names, number of stakes allotted to them, and percentage of each one.
       
   2. An economic feasibility study and the company's plan of work.
       
   3. A certificate by an actuary, in case of insurance of persons and funds accumulation, to incorporate the following:
       

      Firstly:	the actuary's approval of the basis of calculating the premiums.
      Secondly:	adequacy of the technical provisions and prospects of the company's compliance with the margin of solvency and the minimum amount of guarantee.

   4. A declaration by the founders that no one of the company's founders ever been convicted for breach of honor or trust or declared bankrupt by the Court.
       
   5. A declaration by the founders that all statements and documents submitted to the Authority are accurate.
       
   6. Any other statements or documents specified in the regulations and rules issued according to the Law or decided by the Board deemed required for considering the application.
3. After receiving the initial licensing approval, the company shall submit the following to the Authority:
    
   1. Name list of the individuals proposed to take up the post of the company's general manager and the senior officers of the company along with details of each one qualifications and experience and attach therewith the documents supporting these qualifications and experiences.
       
   2. Other approvals and licenses have to be obtained as required by the prevailing laws, regulations and rules.

1. The Authority shall prepare a register to register therein the submitted licensing applications and inscribe these applications in serial numbers according to each one date of receipt and assign a file for each application to keep therein the submitted statements and documents and indicate all procedures being taken in this respect.
    
2. After verifying accuracy and adequacy of the application and the attachments thereto and following payment of the prescribed fees, the pertinent Department of the Authority shall register the licensing application in the register according to the provisions of the Regulation herein and endorse the application with the number and date of submission and hand over the submitter a receipt showing the company's name, the application's subject, its registration number in the register and its date and statement of the accompanying documents.

The pertinent Department of the Authority shall consider the licensing application within (7) working days as from date of submission and should it been established that the application didn't satisfy any of the requisites or the required statements or documents it may ask those concerned, via a registered letter or through direct delivery, to satisfy them within (60) days at most as from date of notification.

1. In case the period provided for in the preceding Article lapsed without the requisites, statements, or documents been satisfied by the organization which submitted the licensing application, the pertinent Department shall refer the matter to the Director General.
    
2. The Director General shall consider the matter within seven days ' as from date of receiving the file and make his decision either by granting the organization which submitted the licensing application an additional period or rejecting the application.
    
3. The license applicant shall have the right to submit a new application to satisfy the requisites after lapse of six months as from date of the Director General's decision rejecting the application.
    
4. In case the new application satisfied the acceptable requisites of its submission, the pertinent Department shall refer the application to the Director General.
    
5. The Director General shall refer the application to the Board to issue its resolution either to approve it or reject it within sixty days as from date of reference.
    
6. The resolution approving the licensing shall be published in the Official Gazette and the pertinent authorities be informed to implement its substance.
    
7. The pertinent Department shall prepare a draft of the licensing resolution and same shall be approved by the Director General.

The Board's resolution rejecting the licensing application shall be deemed final.

The license issued to the company by the Authority shall contain the following:

1. An approval by the Authority to finalize establishment of the company according to the conditions and requisites provided for in the legislations prevailing in the State including the Law and the Regulation herein, and the rules and directives issued pursuant thereto.
    
2. Classes and types of insurance to be carried out by the company after accomplishing its establishment procedures and registration in the register.
    
3. The period within which the establishment of the company has to be completed. However, the Director General in special cases may extend such period to a similar period.
    
4. Any other requisites may be resolved by the Board according to the provision of the Regulation herein.

Without prejudices to the provisions of Article (118) of the Law, establishment of a company shall be done according to the requisites and conditions which on their basis the license has been granted. However, these requisites and conditions shall not be amended except by prior approval of the Board. Nonetheless, the provisions of the legislations prevailing in the State should be observed.

Should the company intend to carry out any other class of insurance or any type thereof not included in the license granted thereto or intend to change the services of it pursue in order to conform with the provisions of the Law, the company shall get the necessary approval from the Authority according to the procedures of granting the licenses as provided for in the Regulation herein.