1. The reinsurers with whom the insurance company established in the State is dealing shall be classified according to the classification stipulated in Article (18) above, taking into consideration the exceptions contained in the Article.

2. A foreign insurance company operating in the State through a branch shall annually submit a certified certificate from its head office in the home country in which it supports that the insurance business subscribed within the State and which exceeds its retention is covered by reinsurance covers with reinsurers who have the classification stipulated in Article (18) of these Regulations, taking into consideration the exceptions contained in the Article.

3. The following entities shall not be subject to the classification requirement stipulated in the preceding two paragraphs.

a. Insurance companies incorporated in the State and licensed by the Authority, when acting as reinsurers.

B. Insurance or reinsurance pools and insurance underwriting Syndicates.

C. Reinsurers exempted from Sub-Article (1) of this Article, by the DirectorGeneral for technical, regional or International purposes.