Because of tightening federal regulations, the number of insurance companies declined from 126 in 1980 to 56 in 1987. The Federal Insurance Companies and Agents Law of 1984 requires all insurance companies established in the UAE to be public joint-stock companies, with equity wholly owned by UAE nationals. Companies already established in the country can obtain a concession from the local equity provision. Minimum capital must be UD 10 million. In 2001, $149 million worth of life insurance premiums was written in the United Arab Emirates. In 1999, there were 19 National Insurance companies practicing in UAE, and 28 foreign insurance companies.