A license application including the following shall be submitted to SAMA:
| 1. | Completed licensing application.
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| 2. | Memorandum of Association.
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| 3. | Articles of Association
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| 4. | Organizational structure
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| 5. | Feasibility study.
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| 6. | Five-years business plan that shall include as a minimum, the following:
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| | a. | Classes of insurance that will be undertaken by the Company.
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| | b. | Ability to cede or accept reinsurance treaties for the classes the company intend to reinsure.
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| | c. | Marketing plan.
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| | d. | Projected costs and financing to start the Company’s operation.
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| | e. | Projected underwriting growth taking into consideration solvency margin requirements.
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| | f. | Expected number of employees and a saudization plan for training and employment.
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| | g. | Annual cost based on projected growth rate.
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| | h. | Projected financial statements related to the growth rate.
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| | i. | Technical Provisions statement for the proposed growth of the insurance operation certified by a qualified Actuary.
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| | j. | Branching distribution plan in the Kingdom.
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| 7. | Any agreements with outside parties.
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| 8. | An Irrevocable bank guarantee issued by one of the local banks for the capital required, such guarantee must be renewed until the capital is paid up.
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