In order to obtain the initial approval of the Board:

1. The following documents and information must be submitted:

   A. A certified copy of the company registration certificate in its country of origin.

   B. A copy of the license to practice the reinsurance business in the state which the parent company is holding its nationality issued by a regulatory and supervisory governmental body and duly authenticated and attested and including the approved types and classes of reinsurance the company is licensed to undertake.

   C. A certified certificate showing the legal form of the company and whether it is an independent company or a subsidiary company.

   D. A decision by the administrative board of the parent company to open the branch.

   E. A certified copy of the Company's Memorandum of Incorporation and Articles of Association.

   F. A copy of the balance sheet and financial statements of the parent company for the three years preceding the submission of the application, audited by a licensed auditing office.

   G. Report on the Parent Company's reinsurance activity.

   H. A statement clarifying the nature of the company's relation with the branch and the powers endowed therewith.

   I. A written approval by the regulatory and supervisory governmental body in the country of origin to open a branch of the company in the State.

   J. The rules adopted by the company for Compliance, Anti- Money Laundering and combating the financing of terrorism.

   K. List of names of the Chairman and members of the Board of Directors.

   L. Submitting the feasibility study.

   M. The work plan for the first three years of the company branch and the types and classes of reinsurance to be transacted and whether the acceptances will be locally, regionally or internationally.

   N. A certificate by an actuary that includes the adequacy of the Technical Provisions and prospects of the company’s compliance with the Solvency Margin and the Minimum Guarantee Fund.

   O. Approvals and other licenses to be obtained in accordance with the bylaws, laws and regulations in force.

   P. Copies of the specimens of treaties that the company will conclude in the future with insurance services providers, including reinsurance brokers.

   R. The sum of funds to be entered into the State and kept in it to meet the obligations of the company and the administrative cost of the business.

   S. Name of appointed person for the management of the branch, the senior officers and their qualifications and their practical experience in the field of insurance and reinsurance.

   T. Any other data or documents determined by the bylaws and regulations issued by virtue of law or determined by the Board which are deemed necessary for considering the application.

2. The Director General shall submit the application to the Board of Directors along with his opinion, where the Board shall decide whether to accept or reject the application.