The foreign Insurance Company’s branch shall submit an irrevocable letter of bank guarantee in favor of the CBUAE, in an amount of not less than (AED 100,000,000) one hundred million dirhams in case it is carrying out insurance activity, and an amount of not less than (AED 250,000,000) two hundred fifty million dirhams in case it is carrying out reinsurance activity, in accordance with the instructions issued by the Board in this regard.