1- The Founders’ Committee of the reinsurance company shall submit the application for the license to the Director General through the Electronic Means or other means adopted by the Authority, enclosing the following data and documents:

• The Memorandum of Incorporation and Articles of Association of thereinsurance company stating the names of the founders, the number of Founders’ shares allocated to them and the percentage of their respective participations.
• The economic feasibility study and the work plan for the first five years of the reinsurance company and the types and classes of reinsurance that will be carried out by the company and the local, regional or internationalmarkets where the company will practice its business;
• A certificate from an Actuary that includes the adequacy of the Technical Provisions and the prospects of the company’s compliance with the Solvency Margin and the Minimum Capital Requirements ;
• A declaration by the founders' committee that none of the company founders has been convicted of a crime that violates honor or has been declared bankrupt;
• A declaration by the founders' committee that all the data and documents submitted to the Authority for obtaining the license are true.
• The amount of the proposed capital;
• The founders' decision to form the founders’ committee;
• Complete information about the founders, the nature of their business, their experience and their shares in the insurance companies, reinsurance companies or the insurance related professions inside and outside the State;
• The Retrocession covers to be set by the Company to protect its liabilities and the name of the leading reinsurer nominated to deal with;
• The estimated budget for the first five years of the company's work;
• During the incorporation stage, the Founders shall appoint an Actuary, Legal consultant, Financial consultant and Auditor,
• Any other data or documents specified by the bylaws and regulations or deemed necessary by the Board to consider the application;
• A certificate from the Auditor and the Actuary indicating the ability of the company to provide the Solvency Margin and to allocate the Technical Provisions.

2. After reviewing the data and documents mentioned in sub-Article (1) of this Article, and studying them by the Authority and discussing them with the Founders Committee, the Director General shall submit the request to the Board of Directors together with his opinion on the feasibility of establishing the company.

3. The Board shall issue its decision concerning the initial approval or reject the application. In case of initial approval, the reinsurance company shall submit and enclose to the Authority the following through the Electronic Means or other means adopted by the Authority:

1.  A list of the proposed names for the position of the Director General and its senior officers, with a detailed description of their respective qualifications and experiences and attaching proof of these qualifications and experiences;
2.  Approvals and other licenses that must be obtained pursuant to the laws and regulations in force.

4. In case the application is rejected, the founders' committee shall be notified ofthe decision and its reasons, and they have the right to file an appeal before theBoard within 30 (thirty) days from the date of their notification of the rejection.

5. If the Board endorses its previous decision, the decision shall be final.

6. The Federal Government, the Local Government and any company or entity fully owned by the Federal Government or Local Government may be a shareholder of a reinsurance company or incorporate by itself a Public shareholding company to practice reinsurance operations pursuant to the Federal Law concerning the Commercial Companies.