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  • Executive Summary

    • TC-A.1.1

      This Module provides Rules and Guidance to insurance licensees to ensure satisfactory levels of competence, in terms of an individual’s knowledge, skills, experience and professional qualifications. Insurance licensees are required to demonstrate that approved persons including individuals undertaking controlled functions are sufficiently competent and are able to undertake their respective roles and responsibilities. Insurance licensees must maintain the competence to provide regulated insurance services as outlined in Section AU-1.4. Individuals occupying controlled functions as outlined in Paragraph AU-1.2.2, must therefore meet minimum levels of training and experience related to their functions.

      Added: October 2020

    • TC-A.1.2

      The Rules build upon Principles 3 and 9 of the Principles of Business (see Module PB (Principles of Business). Principle 3 (Due Skill, Care and Diligence) requires insurance licensees and approved persons to observe high standards of integrity and fair dealing, and to be honest and straightforward in its dealings with clients. Principle 9 (Adequate Resources) requires insurance licensees to maintain adequate human, financial and other resources sufficient to run its business in an orderly manner.

      Added: October 2020

    • TC-A.1.3

      Condition 4 of the Central Bank of Bahrain’s (‘CBB’) Licensing Conditions (Chapter AU-2.4) and Chapter AU-3 (Approved Persons Conditions) of Module AU impose further requirements. To satisfy Condition 4 of the CBB’s Licensing Conditions, an insurance licensees staff, taken together, must collectively provide a sufficient range of skills and experience to manage the affairs of the licensee in a sound and prudent manner (AU-2.4). This condition specifies that insurance licensees must ensure their employees meet any training and competency requirements specified by the CBB. Chapter AU-3 (Approved Persons Conditions) of Module AU sets forth the ‘fit and proper’ requirements in relation to competence, experience and expertise required by approved persons; this Chapter specifies various factors that the CBB takes into account when reaching such a decision.

      Added: October 2020