1. Any of the companies provided for in Para (1) of article (24) of the law herein shall not carry out insurance operations only following its inscription in the register according to the provisions of the law herein and the requisites determined by the executive regulation of the law herein.
 

2. Should the registration been granted on basis of inaccurate information the registration shall be cancelled by decision of the director general.

The company shall not re-insure with another company unless that other company is duly licensed to carry out the type of insurance assigned thereto for re-insurance.

The Board on basis of the director general's presentation may cease the company to carry out certain type or types of the insurances of its practice for a period not exceeding a year and shall notify the company and the pertinent body given the cessation decision in any of the following cases:

1. Should the company is in violation of the provisions of the law herein and the regulations, rules and directives issued pursuant thereto.
    
2. Should the company became devoid of any of the terms needed for the registration according to the provisions of the law herein.
    
3. Should the company did not carry out its operations in any of the insurance types listed with those ones requiring registration or ceased operating in such a type to carry out for period of one year.
    
4. Should the company failed to fulfill its accrued financial obligations.
    
5. Should the company refrained to execute a final judicial verdict related to an insurance contract.

1. Should the company within a period not more than one year as from date of the cessation eliminated the reason led to cease its operations due to any of the cases provided for in Article (50) of the law herein, the Board shall issue on basis of a presentation by the director general a decision approving the company to continue carrying out insurance operations. The decision shall be transmitted to the pertinent body and the company.

2. Should the company failed to eliminate the reason led to cease its operations within a period of one year at most as from date of the cessation, its license for that type or types of insurances shall be cancelled by decision of the Board. The decision shall be transmitted to the pertinent body and the company.

1. The procedures related to cessation of operations or cancellation of one or more of the insurance types and the powers bestowed upon the director general in this respect shall be determined by virtue of the decisions issued by the Board for the purpose.
 

2. The following shall result from the decision of ceasing the operations or canceling the license for one or more of the insurance types:
 

1. The company shall be prohibited from concluding insurance contracts of any of those insurance types subject to the penalties provided for in the law herein.
    
2. All rights and obligations accrued from the contracts concluded prior to the cessation of the operations or the cancellation of the license for that or those types of insurance shall be deemed proper and valid and the company shall remain liable therefor.

The company which its registration for one or more types of insurances has been cancelled may file an application to the director general to re-register it within a period not exceeding one year as from date of issuing the cancellation decision attached therewith the documents establishing elimination of the reasons of that the cancellation. The Board shall issue its decision pertaining thereto on basis of a presentation by the director general within a period of two months at most as from date of referring the matter to the Board.006

1. Should the company which its registration for all types of insurance had been cancelled did not file an application for re-registration within the period provided for in Article (53) of the law herein or the Board rejected the application for re-registration, the company shall start procedures of voluntarily liquidation within a month as from the expiry date of such period or from date of notifying the company of the Board's decision and should the company did not conduct these procedures the company shall be liquidated according to the provisions of the law herein.

2. The registration of the company shall be deemed canceled should a non-compulsory liquidation decision been issued or a final judiciary verdict of compulsory liquidation been pronounced thereon or been declared bankrupt.