19-1

An Insurance Broker must not merge, amalgamate or enter into a joint venture with any Person, without the prior written approval of the Central Bank.

19-2

An Insurance Broker may submit a voluntary cancellation request by submitting the following documents:

a.

a letter explaining the reasons for cancellation and the plan for closure;

b.

the partners’ approval of the cancellation decision;

c.

clearance letters from the Companies that the Insurance Broker is dealing with; and

d.

After the approval from the Central Bank, an announcement must be published in two daily newspapers in the State, one in Arabic and the other in English, including the commencement of cancellation procedures and inviting those who object to the cancellation. The external auditor of the Insurance Broker must confirm that there no liabilities towards Companies or Clients, or all liabilities have been settled.