1. The Director General shall issue his decision to approve or reject the application for license and registration within a period not exceeding (15) working days from the date of submitting the application that completely fulfil the specified conditions and requirements.

2. In the case licence application is approved, he shall be registered in the Authority's Register.

3. The Applicant for the license shall be given a document stating that he is permitted to practice the Insurance Producer Business in accordance with the form prepared for this purpose.

4. The Company shall be fully liable for the actions of the Insurance Producer related to the insurance activity towards the third party, and shall submit a written undertaking in writing to the Authority. The Producer shall not be granted a license for the first time or renewal of his license except after providing the Authority with a copy of this undertaking.