1)

Insurance brokerage for funds or properties existing in the State or for the liabilities arising therefrom may only be carried out by an Insurance Company licensed under the provisions of this Decree-Law.

2)

The Company may reinsure inside and outside the State.

3)

No Person may conclude an Insurance Policy with an Insurance Company outside the State to cover any money or property within the State or liabilities arising therein. No legal person in the State may insure its personnel in the State with an Insurance Company outside the State.

4)

Notwithstanding the provisions of Clause (3) above, insurance may be made with an Insurance Company outside the State in case the required Insurance Coverage is not available in the State, or Insurance Companies abstain from, or unable to provide such coverage, or for any other reasons decided by the CBUAE, in accordance with the controls and conditions determined by the Board in this regard.