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  • General Requirement[versions up to January 2011]

    • HC-1.1.1 [versions up to January 2011]

      With the exception of unincorporated entities and single person companies, all Bahraini insurance licensees must have a Board of Directors ('the Board'). The Board is ultimately accountable and responsible for the management and performance of the licensee.

    • HC-1.1.2 [versions up to January 2011]

      To discharge its responsibility effectively, a Board typically delegates various functions and tasks, for instance to Board sub-committees, management and other employees. When it delegates, the Board nonetheless retains ultimate responsibility for the performance of those functions and tasks.

    • HC-1.1.3 [versions up to January 2011]

      Insurance brokers who were licensed prior to the introduction of Volume 3 (Insurance), and who were unincorporated entities or natural persons at that time, may continue as such until 31 December 2006 (refer to ES-2.2.1). Under Volume 3, insurance brokers and insurance consultants may be licensed as a single person company or (in the latter case only) a sole proprietorship: see Section AU-2.1.

      Amended: January 2007