1. The Company shall inform the Authority of the name of the responsible officer for the reinsurance business, its qualifications and practical experience. This officer should not be assigned to any other duties in the Company.

2. In the case the Company is practicing two types of insurance (property and liabilities on the one hand and the insurance of persons and funds accumulation on the other hand) then it is permissible to have a single reinsurance officer; provided that the records are separated.

3. The reinsurance department shall prepare quarterly reports on the results of reinsurance treaties, reinsurance covers and facultative reinsurance operations and the reports shall be submitted to the company’s Board of Directors.