1- A foreign company specialized and licensed in its country may open branches in the State to practice reinsurance business after obtaining the necessary license and registration from the Authority.

2. A foreign company specialized in reinsurance shall not be permitted to operate within the State through an agency, taking into consideration the special case of the underwriting Syndicates and P & I Clubs..

3. The capital of the parent company in its home country shouldn’t be less than the percentage determined in sub Article (1) of Article (12) of these instructions.

(4) The Board may exclude the company requesting the opening of a branch or branches thereof in the country from the provisions of item (3) above if the total of its free reserves plus its paid capital is not less than the amount mentioned in item (1) of Article (12) For local, regional or international reasons.