1. In the event that the period stipulated in the preceding Article lapsed without completing the conditions, data or documents required by the applicant, the competent department shall refer the matter to the Director General.

2. The Director General shall consider the matter and issue his decision either by giving the applicant additional period of time or rejecting the application.

3. The applicant shall be entitled to submit a new application that meets the requirements after lapse of three months as of the Director General’s decision to reject the application.

4. In the event that the new application satisfied the acceptable requisites, the competent department shall refer the application to the Director General.

5. The Director General shall refer the application to the Board to issue the decision whether by approval or rejection within sixty days from the referral date.

6. The decision to approve the license shall be published in the Official Gazette and shall be communicated to the competent authorities for the implementation of its context.

7. The competent department shall prepare a form for the licensing decision and shall be approved by the Director General.

1. The company is not authorized to carry out its business unless the final approval, licensing and registration in the register accomplished.

2. The company established in the State to practice reinsurance operations should be of the type of public shareholding pursuant to the provisions of The Law and the Executive Regulations and the Federal Law Concerning the Commercial Companies; provided that its primary purpose is to practice reinsurance as a specialization.

1. The subscribed and paid up capital of the reinsurance company shall not be less than AED 250,000,000 (only two hundred and fifty million dirhams).

2. The Authority may determine a minimum capital for the Company greater than that stipulated in the aforementioned sub-Article (1), if the Feasibility Study indicates that the Company will be involved in a short term from its incorporation in the reinsurance business at the regional and international level.

3. At least 51 % (one-fifty percent) of the capital of the reinsurance company incorporated in the State shall be owned by natural persons who are UAE Nationals or GCC Nationals or by legal persons fully owned by UAE nationals or GCC Nationals.

The work Plan that must be submitted for the approval of the incorporation of the reinsurance company shall include the following:

1. Types and classes of reinsurance that the company will focus on at the commencement of its incorporation.

2. Geographical distribution of the accepted businesses locally, regionally and internationally.

3. Direct acceptance policy or through reinsurance brokers.

4. The Company's retention limits of risks in each class of reinsurance.

5 - Reinsurance covers that will be arranged by the company to protect its liabilities and covers for accumulation and catastrophes.

6. Names and addresses of the retrocessionaires who will be dealing with the company and their rating.

7. The Financial Principals of the reinsurance that will be applied by the company.

8. Report on the financial position of the Company, the adequacy of the general and technical reserves to be taken, and the rules of the Company's accounting system.

9 - The investment policy that will be adopted by the company.

10. Details of the company's organization structure.

11. The Future approaches for the development of the company's business qualitatively and geographically.

1- The registration period shall be for one year ending at the end of December. In case of obtaining the registration during the year, the first registration period shall commence from the date of the registration and ends at the end of the same year.

2. The registration shall be renewed annually thirty days prior to its expiry through the Electronic Means or other means adopted by the Authority, enclosing the following:

A - A list including the names of the Chairman, the members of the Board of Directors ,the Director General and his deputies and the senior officers of the company.

B- The company's branches inside and outside the State in accordance with the conditions stipulated in Article (15).

C) The names of the actuaries, financial auditors and legal consultants appointed by the company or contracted with it and reinsurance brokers with whom the company deals.

D- The projected financial statement for the next fiscal year.