1. Incorporation of any insurance company in the State or opening a branch of a foreign insurance company therein shall not be only after obtaining a license from the Authority which shall have the right either to grant it or refuse as may seen fit to the national economy needs provided that the purpose of the company shall be carrying out insurance operations. The executive regulations of the law herein shall determine the documents need be submitted along with the licensing application.

2. Should licensing be granted on basis of inaccurate information the license shall be cancelled by decision of the director general.