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  • Requisites for the Shareholders Wishing to Control

    • Article (3)

      1. Natural persons wishing to control shall comply with the following:
        1. Providing information, documents and data with respect to their address, nationality, jobs, previous experience in the field of insurance and related professions inside and outside the State, the share of each of them and their financial solvency.
        2. Submitting a statement indicating if there is a relationship with the company to be controlled or not.
        3. Submitting a statement of his membership in one or more boards of directors of a financial institution or his ownership of more than 20% of the issued and paid up capital for any financial institution or more inside or outside the State.
        4. Submitting a certificate showing that he has never been convicted on a felony or misdemeanour prejudicial to honour, trustworthiness or public morals, and submitting a declaration that he has not been declared bankrupt unless he has been rehabilitated.
        5. Submitting a declaration on his financial resources of the applicant and an undertaking of his ability to provide more capital and other support forms to the insurance company when needed
           
      2. The legal person wishing to control shall commit to providing the following:
         
        1. Complete information regarding his addresses, nationality, legal form, branches, field of work and geographical scope of his activity.
        2. Names and nationalities of those who are responsible for managing the legal person;
        3. Two audited balance sheets for the last two financial years at least;
        4. Providing an undertaking or a letter of guarantee in an admissible form, stating that he is committed to providing financial support to the company he is wishing to control;
        5. Full information about the main owners, the nature of their work, their experience and shares in the insurance or reinsurance companies or related professions inside and outside the country;
        6. Providing the consent of the main regulatory authority to which the legal person is subject concerning the ratio or for his entry as a controlling person, as the case may be, with respect to the company that he is requesting to control if he is subject to a regulatory authority.