Back Custom print Link Text Only Rich Text Print

  • AU-2.8 AU-2.8 Condition 8: Other Requirements

    • Books and Records

      • AU-2.8.1

        Article 59 of the CBB Law requires that insurance licensees maintain comprehensive books of accounts and other records, which must be available for inspection within the Kingdom of Bahrain by the CBB, or persons appointed by the CBB, at any time. Insurance licensees must comply with the minimum record-keeping requirements contained in Module GR. Books of accounts must comply with International Financial Reporting Standard (IFRS) (and for Takaful and Retakaful companies relevant AAOIFI standards), and recognised international actuarial standards.

        Amended: July 2007
        Amended: October 2008

    • Provision of Information

      • AU-2.8.2

        Articles 58, 111 and 114 of the CBB Law require that insurance licensees act in an open and cooperative manner with the CBB. Insurance licensees must meet the regulatory reporting and public disclosure requirements contained in Modules BR and PD respectively.

        Amended: July 2007

    • General Conduct

      • AU-2.8.3

        Insurance licensees must conduct their activities in a professional and orderly manner, in keeping with good market practice standards. Insurance licensees must comply with the general standards of business conduct contained in Module PB, as well as the standards relating to treatment of customers contained in Module BC.

        Amended: July 2007

    • License and Registration Fees

      • AU-2.8.4

        Insurance licensees and registered persons must comply with any license and registration fee requirements applied by the CBB, and outlined in Chapter AU-6.

        Amended: July 2007

      • AU-2.8.5

        Following the transfer of insurance supervision to the CBB, the Central Bank is applying license and registration fees on insurance licensees and registered persons, effective for the year 2007.

        Amended: July 2007

    • Additional Conditions

      • AU-2.8.6

        Insurance licensees must comply with any other specific requirements or restrictions imposed by the CBB on the scope of their license.

        Amended: July 2007

      • AU-2.8.7

        When granting a license, the CBB specifies the regulated insurance service that the licensee may undertake and (where relevant) the type and classes of insurance business that the licensee may undertake. Pursuant to Article 45 of the CBB Law, the CBB has the right to impose such terms and conditions, as it deems necessary when issuing a license. Licensees must respect the scope of their license. Section AU-5.4 sets out the process for varying the scope of an authorisation, should a licensee wish to undertake new regulated insurance services.

        Amended: July 2007

      • AU-2.8.8

        In addition, the CBB may impose additional restrictions or requirements, beyond those already specified in Volume 3, to address specific risks. For instance, authorisation may be granted subject to strict limitations on intra-group transactions.

        Amended: July 2007