1- A foreign company wishing to open a branch inside the State to practice reinsurance business should have the following classification:

• The company should have a classification not less than the minimum classification specified in the table below or the equivalent classification ratings of other international classification bodies recognized by the Authority, according to the latest classification issued by the accredited body:

B) The foreign company shall maintain its classification during the period of its license.

C) The classification must be granted on the basis of complete internal information The classification granted based only on published information shall not be accepted.

(D) The foreign company should not be incorporated in a State having lower classification than that stipulated in clause (a) of the term herein.

2. The Board may grant the company requesting the license an exception from the provisions of paragraph (1) above for local, regional or international considerations or for considerations relating to the company itself.

3. Any additional conditions or requirements determined by the Authority.