1. Insurance or insurance brokerage of properties existing in the State or liabilities arising therefrom may only be carried on by Insurance Companies licensed in accordance with the provisions of this decree-law. 2. An Insurance Company may reinsure with another reinsurance company inside or outside the State, or in a Financial Free Zone. 3. No Person may conclude an Insurance Policy with a foreign insurance company outside the State or in a Financial Free Zone to cover any funds or property within the State or liabilities arising therein. Furthermore, no juridical person in the State may insure its personnel in the State with Insurance Companies outside the State or in a Financial Free Zone. 4. Exception to the provisions of item (3) of this article, insurance may be made with an insurance company outside the State or in a Financial Free Zone in case the required insurance coverage is not available in the State, or in case Insurance Companies abstain from, or unable to provide such coverage, or for any other reasons decided by the Central Bank. The Board of Directors may issue regulations to set controls and conditions in this regard.
Interpretation and application must be checked against the official text and current version.