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  • HC-A HC-A Introduction[versions up to January 2011]

    • HC-A.1 HC-A.1 Purpose[versions up to January 2011]

      • Executive Summary[versions up to January 2011]

        • HC-A.1.1 [versions up to January 2011]

          This Module presents requirements that have to be met by insurance licensees with respect to:

          a) The role and composition of their Boards and Board committees; and
          b) Related high-level controls and policies.
          Amended: January 2007

        • HC-A.1.2 [versions up to January 2011]

          This Module supplements various provisions relating to corporate governance contained in Legislative Decree No. 21 of 2001, with respect to promulgating the Commercial Companies Law ('Commercial Companies Law 2001'). In case of conflict, the Commercial Companies Law shall prevail. Compliance with this Module does not guarantee compliance with the Commercial Companies Law.

          Amended: January 2007

      • Legal Basis[versions up to January 2011]

        • HC-A.1.3 [versions up to January 2011]

          This Module contains the CBB's Directive relating to high-level controls 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).

          Added: January 2007

        • HC-A.1.4 [versions up to January 2011]

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

          Added: January 2007

    • HC-A.2 HC-A.2 Module History[versions up to January 2011]

      • HC-A.2.1 [versions up to January 2011]

        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

      • HC-A.2.2 [versions up to January 2011]

        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 the actual requirements.

        Added: January 2007

      • HC-A.2.3 [versions up to January 2011]

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

        Module Ref. Change Date Description of Changes
        HC-1.1 01/07/05 Clarification of Board approval required.
        HC-2.2 01/10/05 Corrected numbering of Paragraph.
        HC-4.1 01/10/05 Reordered Paragraphs for better flow of rules.
        HC-A.1.3 01/2007 New Rule introduced, categorizing this Module as a Directive.
        HC-B.1.2 01/2007 Clarified that overseas insurance licensees must also comply with the provisions of Paragraph HC-3.4.3 (compliance officer).
        HC-1.2.3 and 1.2.6 01/2007 Clarified rules for Board composition for Bahraini insurance licensees, other than insurance firms.
        HC-1.2.15 07/2008 Clarified board composition.
        HC-1.2.16 07/2008 Added a new Paragraph dealing with limits on number of directorships held.
        HC-3.1.2A 04/2010 Added requirements for Managing Director.
        HC-3.4.4 04/2010 Clarified that the compliance function may not be combined with the internal audit function or any operational function as they are incompatible and may create a conflict of interest.

      • HC-A.2.3 [Deleted][versions up to January 2011]

        Deleted: January 2007

      • HC-A.2.4 [versions up to January 2011]

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