1. In case the board issued the initial approval, the Company shall be notified thereof and shall be requested to take the following actions:

     a) Appointing a branch manager and senior officers who meet the required conditions and the powers            granted to them.

     b) Having an office of the company in the state.

     c) Appointing or contracting with an actuary and a legal consultant and contracting with an external                 auditor.

2. After fulfilling the requirements and submitting the required documents and data, the Board shall issue its decision with the final approval and licensing the Company and shall register it in the register as a branch of a foreign company.

3. In case the Board rejects the request, the Director General shall inform the company applying for the license of the decision of the Board. The company shall be entitled to appeal the decision with the Board within (30) thirty days from its notification of the decision, and Board’s decision shall be final.