The company may reassign the insurance policies it concluded inside the State, including the rights and obligations associated with any type of the insurances engaged therein, to another company or other companies engaged in the same type of insurance.

1. The reassignment application shall be placed to the director general attached therewith the instruments and documents establishing the agreement on the reassignment. The director general shall give directions to publish a notice about the reassignment in the Gazette just once, in two widely circulated local daily newspapers issued in Arabic and in one local daily newspaper issued in English for two consecutive times, on the applicant own expenses provided that the notice shall include reference to the right of the policyholders and the beneficiaries thereof or whosoever interested therein to raise to the director general an objection to the reassignment within forty five days as from date of the latest notice specified therein the subject matter of the objection and the sustaining reasons.

2. The director general shall issue a decision approving the reassignment should those concerned parties raised no objection within the period referred to in Para (1) of the Article herein. The decision shall be published in the Gazette within a month as from date of its issue and shall be used as an argument in face of the insured, the beneficiaries and the company's debtors. The funds of the company shall be relocated to the company which the policies have been reassigned, taking into accounts the provisions related to conveyance and reassignment of funds. The reassigned funds shall be exempted from registration and safekeeping fees imposed according to laws of conveyance and reassignment of funds.

However, should any objection been raised during the said period, the reassignment application shall not be finalized only after the concerned parties reached an agreement or a final verdict been pronounced in the subject matter of the objection.

Nonetheless, the director general may issue a decision approving the reassignment provided the company paying an amount equivalent to its obligations towards the objector including the expenditures may be needed to maintain any of the company's assets.

The provisions of Articles (71) & (72) of the law herein shall be applied should any company ceased operating in certain type or types of the insurances or intended to release its monies need be maintained inside the State for such type or these types of insurances following the company submission of an evidence establishing fulfillment of its obligations towards all policies concluded inside the State or towards those executable therein of the type or types which the company decided to cease operating therein or reassigned these policies to another company in the manner as stated in Article (71) & (72) of the law herein.