Article Four
SAMA shall assess whether the Applicant as a whole will satisfies the requirements for licensing, particularly the following:
| 4.1 | SAMA shall assess all circumstances of the Applicant and not just those of the proposed Branch in Saudi Arabia. | ||
| 4.2 | In conducting its assessment, SAMA will take into account all relevant matters, including but not limited to the nature and extent of regulation and supervision to which the Applicant is subject to in its home country, and the extent to which the home country supervisor authority is cooperative with SAMA in exchanging relevant information in connection with the Applicant. | ||
| 4.3 | SAMA will liaise with any home country supervisory authority and take into account any information received from such authority with respect to the Applicant, including the adequacy of its resources and its suitability for licensing, having regard to the need to ensure that the Applicant's affairs are conducted in a sound and prudent manner. | ||
| 4.4 | SAMA will not license the Applicant to open a Branch practicing insurance and/or reinsurance business in Saudi Arabia without: | ||
| 4.4.1 | Confirmation from the home supervisory authority that the Applicant is currently licensed to carry out the same proposed line of insurance business in its home jurisdiction, and has been writing the same line of business for the past three years. | ||
| 4.4.2 | Confirmation from the home supervisory authority that the Applicant is solvent and meets all regulatory requirements in its home jurisdiction | ||
| 4.4.3 | Undertaken from the Applicant that he meets the solvency requirements that would apply if the Applicant were based in Saudi Arabia. | ||
| 4.4.4 | Confirmation from the Applicant that the paid up capital of the Applicant is equal to, or more than, the amount required for a Saudi established insurance and/or reinsurance company. | ||
| 4.4.5 | Undertaken from the Applicant that the Branch will not engage in any activities other than insurance and/or reinsurance activities for which it is licensed by SAMA, unless those activities are necessary or complementary for such activities. | ||
| 4.4.6 | Confirmation from the Applicant that SAMA may exchange and share relevant supervisory information with the Applicant's home supervisory authority at the time of licensing and after licensing. | ||
| 4.4.7 | Undertaken from the Applicant that the Branch will operate in accordance with the Law and its Implementing Regulation as well as SAMA's Instructions and other related laws. | ||