1)

The provisions of this Decree-Law shall apply to the following categories:

a.

Companies and Insurance-Related Professions; and

b.

Holding companies that control or acquire (15%) of the volume of insurance business in the State, or whose insurance activity and related services represent more than (50%) of their revenues. The Board shall issue the controls governing the operation of such Companies in the insurance activity.

2)

The provisions of this Decree-Law shall not apply to Companies operating in the financial Free Zones, save as specifically provided for in this Decree-Law.