Reinsurance companies established in the State and branches of foreign reinsurance companies licensed and registered with the Authority shall be subject to the insurance transaction fees stipulated in the Cabinet's Resolution No. (23) of 2009 concerning Fees for Supervision, Control and Insurance Transactions.

All the provisions of the legislation governing the direct insurance business shall be applied to the reinsurance companies as far as they are consistent with the nature of the reinsurance business, including the Financial Instructions of the Insurance Companies and the Financial Instructions of the Takaful Insurance Companies.

Insurance and reinsurance companies must reconcile their positions with the provisions stipulated in these Instructions within eighteen months from the date they come into effect.

The Director General shall issue the required decisions to facilitate the enforcement of the provisions of these Regulations.

The regulations herein shall be published in the Official Gazette and shall come into force as of the day following the day of its publication.