1. Being a Yemeni company established or to be established in accordance with Commercial Companies Law;
2. Be in the form of a partnership company;
3. Shareholders not be less than ten persons;
4. Principal office to be located in ROY;
5. Issued capital to be not less than one million rial and the paid portion not less than half of that amount;
6. All company?s shares are nominal and at least 75% owned by natural persons or who hold Yemeni nationality;
7. Majority of board membership and managerial officials to be holder of Yemeni nationality;
8. Foreign insurance companies? activities in ROY are limited to reinsurance activities through its branch or agency; and
9. Insurance companies to deposit cash or its equivalent of stocks or bonds not less than 10% of its paid capital or a real estate guarantee pending Minister?s approval.

Second: To obtain an insurance permit, the following to be secured:

1. The aforementioned documents;
2. The Preliminary Contract and Articles of Association;
3. Certificate of the paid capital; and
4. Certificate of deposited guarantee.