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  • PB-A PB-A Introduction

    • PB-A.1 PB-A.1 Purpose

      • Executive Summary

        • PB-A.1.1

          The Principles of Business are a general statement of the fundamental obligations of all Central Bank of Bahrain (‘CBB’) insurance licensees and approved persons. They serve as a basis for other material in Volume 3 (Insurance), and help address specific circumstances not covered elsewhere in the Rulebook.

          Amended: January 2007

        • PB-A.1.2

          The Principles of Business have the status of Rules and apply alongside other Rules contained in Volume 3 (Insurance). However, these other Rules do not exhaust the fundamental obligations contained in the Principles. Compliance with all other Rules, therefore, does not necessarily guarantee compliance with the Principles of Business.

      • Legal Basis

        • PB-A.1.3

          This Module contains the CBB's Directive (as amended from time to time) relating to Principles of Business and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to insurance licensees(including their approved persons).

          Amended: January 2011
          Added: January 2007

        • PB-A.1.4

          For an explanation of the CBB’s rule-making powers and different regulatory instruments, see Section UG-1.1.

          Added: January 2007

    • PB-A.2 PB-A.2 Module History

      • PB-A.2.1

        This Module was first issued in April 2005 by the BMA together with the rest of Volume 3 (Insurance). Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change was made; Chapter UG-3 provides further details on Rulebook maintenance and version control.

        Amended: January 2007

      • PB-A.2.2

        When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 3 was updated in January 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.

        Added: January 2007

      • PB-A.2.3

        A list of recent changes made to this Module is detailed in the table below:

        Module Ref. Change Date Description of Changes
        PB-A.1.3 01/2007 New Rule introduced, categorising this Module as a Directive.
        PB-1.1.1 01/2007 Small expansion of Principle 1 to refer to disclosure of all relevant information to customers, as required by CBB Regulations and Directives.
        PB-A.1.3 01/2011 Clarified legal basis

      • PB-A.2.3 [Deleted]

        Deleted: January 2007

      • PB-A.2.4

        Guidance on the implementation and transition to Volume 3 (Insurance) is given in Module ES (Executive Summary).