Article Eight
When studying an application to license a Branch of an Applicant, SAMA will pay close regard to the Applicant's activities elsewhere and how these activities are regulated. SAMA may consider reports produced by the IMF/World Bank, such as their Financial Sector Assessment Program (FSAP) for any particular country. If the Applicant is not regulated in any other country (e.g. some countries do not regulate reinsurance firms) or is regulated in a jurisdiction not substantially compliant with IAIS Core Principles or FATF standards, then the application can only be considered after exhaustive enquiries into the Applicant's shareholders, management structure and financial position.