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  • The Broking of Insurance Contracts (Insurance Brokers/Appointed Representatives)

    • AU-1.4.10

      The broking of insurance contracts means:

      (a) Acting as agent for another person in relation to the buying of insurance for that other person;
      (b) Making arrangements with a view to another person, whether as principal or agent, buying insurance; or
      (c) Advising on insurance.
      Amended: July 2007
      Amended: October 2007

    • AU-1.4.11

      In Subparagraph AU-1.4.10 (c), 'advising' means giving advice to a person in his capacity as a policyholder or potential policyholder (or in his capacity as agent for a policyholder or potential policyholder), on the merits of entering into a contract of insurance whether as principal or agent.

      Amended: July 2007
      Amended: October 2007

    • AU-1.4.12

      A person does not carry on the activities specified in Subparagraphs AU-1.4.10 (a) or (b) if he enters or is to enter into a transaction in respect of a contract of insurance as principal.

      Amended: July 2007

    • AU-1.4.13

      A person does not carry on the broking of insurance contracts if he falls under the definition of exempt introducer, defined as:

      (a) A person selling an extended warranty insurance product where the product is sold as part of an exclusive arrangement originated by the product manufacturer and in conjunction with the purchase by the insured of the product;
      (b) A person selling travel insurance as part of, or in conjunction with, a travel package, either directly or through a travel agent (where no advice is being provided other than that contained in the product literature);
      (c) A person, approved or licensed as an insurance intermediary in its country of incorporation or residence, providing marine, aviation or transit insurance, general reinsurance or long-term reinsurance to clients in Bahrain;
      (d) [This Subparagraph was deleted in October 2014]; and
      (e) An insurer or reinsurance broker located outside Bahrain ('A') placing business on behalf of a CBB licensed insurance broker ('B'), where B is carrying on business in Bahrain and on behalf of Bahrain residents and A is acting on behalf of B.
      Amended: October 2014
      Amended: July 2007
      Amended: October 2007

    • AU-1.4.14

      A person does not give advice in relation to an insurance contract by giving advice in any newspaper, journal, magazine, broadcast services or similar service in any medium if the principal purpose of the publication or service, taken as a whole, is neither:

      (a) That of giving advice of the kind mentioned in Paragraph AU-1.4.13; nor
      (b) That of leading or enabling persons to buy insurance contracts.
      Amended: July 2007
      Amended: October 2007

    • AU-1.4.15

      A person does not arrange insurance contracts merely by providing the means by which one party to a transaction is able to communicate with other such parties.

      Amended: October 2007