An application to license the insurance companies established in the State shall be submitted to the Director General by the founders' committee of the insurance or reinsurance company on the form approved by the Board for the purpose.
Licensing application shall be accompanied by the following statements and documents:
The company's memorandum and articles of association indicating the founders' names, number of stakes allotted to them, and percentage of each one.
An economic feasibility study and the company's plan of work.
A certificate by an actuary, in case of insurance of persons and funds accumulation, to incorporate the following:
Firstly:
the actuary's approval of the basis of calculating the premiums.
Secondly:
adequacy of the technical provisions and prospects of the company's compliance with the margin of solvency and the minimum amount of guarantee.
A declaration by the founders that no one of the company's founders ever been convicted for breach of honor or trust or declared bankrupt by the Court.
A declaration by the founders that all statements and documents submitted to the Authority are accurate.
Any other statements or documents specified in the regulations and rules issued according to the Law or decided by the Board deemed required for considering the application.
After receiving the initial licensing approval, the company shall submit the following to the Authority:
Name list of the individuals proposed to take up the post of the company's general manager and the senior officers of the company along with details of each one qualifications and experience and attach therewith the documents supporting these qualifications and experiences.
Other approvals and licenses have to be obtained as required by the prevailing laws, regulations and rules.