Foreign investment in insurance business is subject to reciprocity.
"Article 3 (as modified by Law No. 31 of 11 February 1991, and Law No. 94 of 18 June 1999)
1- In order that a Lebanese insurance organization may be authorized to operate, it must be in the form of a joint stock company, and fulfill the following conditions:
A. The object of the company must exclusively be concerned with the operations, or parts thereof, as described in article 1 of the law regulating insurance organizations.
[...]
Article 4 (as modified by Law No. 31 of 11 February 1991,  (and Law No. 94 of 18 June 1999)
1- With due regard to the provisions of article 2 of the present law, any foreign insurance company, in order to be authorized to operate in Lebanon, must meet the conditions listed in article 3 above.
The Minister of Economy and Commerce shall specify by ministerial order which documents and papers must be filed with his Ministry. They include, in triplicate: 
A- A certificate confirming that it belongs to a country where Lebanese insurance companies are free to operate on its territories and the territories of its dependencies. However, this condition does not apply to companies belonging to countries where the laws and regulations do not allow the formation of private insurance companies.
B- Evidence that the organization enjoys in its original country the legal aptitude to undertake the insurance activities which it wishes to perform in Lebanon, and that it actually performs the same activity in its country of origin.
C- Evidence that it has elected domicile in Lebanon. [...]" (Insurance Act  No. 9812 of 4 May 1968)
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"REGISTRATION OF FOREIGN INSURANCE COMPANY
 Bank guarantee of LL300 million  ($200,000)
 Minutes of the director's meeting, which includes the election of the legal representative as stipulated in Article 8 of the insurance law. The appointment must be approved by the company's headquarter
 Notarized statement, written in Arabic, that the firm is legally accredited in its home country.
 Proof of reciprocity  (Lebanese companies can in turn operate in the firm's home country). The certificate must be translated into Arabic and notarized
 Copies of audited company reports for the past three years
 Names, nationality, and identity of board members
 Legal representative's identity card & CV
If a new representative is appointed or the contracts changed, the company has two months to inform the Ministry of Economy and Trade of the change.
The company must open within a year of receiving its license or the license will be revoked." (Government of Lebanon, "Registration of Foreign Insurance Company", website)
Insurance Act  No. 9812 of 4 May 1968
Government of Lebanon, "Registration of Foreign Insurance Company", guide
[<a href="http://www.insurancecommission.gov.lb/decrees/">Act</a>],[<a href="http://www.databank.com.lb/doc.asp?ID=598">Guide</a>]