1)

It is prohibited for Insurance Companies to combine persons and fund accumulation insurance operations and property and liability insurance operations.

2)

Existing companies licensed to carry out the two types of insurance before the issuance of the Federal Decree-Law No. (6) of 2007, referred to hereinabove, shall remain operational.

3)

The Companies referred to in Clause (2) above shall comply with the following controls:

a.

Complete separation between persons and funds accumulation insurance operations and property and liability insurance operations in terms of technical, financial, technological, administrative and legal procedures and the relevant technical, administrative and financial systems and staff, except for the Company’s Director General; and

b.

Preparing all financial reports and statements required by virtue of this Decree- Law and the Board’s instructions and resolutions on a consolidated aggregate basis, and on the basis of the separation between persons and funds accumulation insurance operations and property and liability insurance operations.

4)

Notwithstanding the provisions of Clause (2) above, the Cabinet may, at the proposal of the Board, issue a resolution obligating Insurance Companies to adjust their situations pursuant to the provisions of Clause (1) above, or may issue a resolution that such Companies remain carrying out the two types of insurance while being prohibited from issuing new Insurance Policies combining the property and liability insurance and the persons and funds accumulation insurance operations, in accordance with the controls and requirements set by the Cabinet in this regard.