With effect from the date of enforcing this Law, insurance operations provided for in Article 4 of this law may not be carried on except by firms having the form of a Bahraini joint stock company.

The provisions of this Article shall not be applicable to companies and organisations engaged in insurance activities and existing in Bahrain on the effective date of this Law.

However, the Minister for Commerce and Agriculture may by a resolution authorise foreign insurance companies and organisations to open representative offices in Bahrain subject to the terms and conditions set forth in the said resolution.