The provisions of the law herein shall apply to the insurance companies incorporated in the State and the foreign companies licensed to perform the activity in the State including the companies engaged in the operations of cooperative insurance and takaful insurance or the operations of reinsurance provided for in the law herein and the insurance professions related thereto.
The provisions of the law herein shall not apply to the companies operating in the free zones in the State unless specifically provided for in the law herein.