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  • HC-3.1 HC-3.1 Chief Executive Officer / General Manager[versions up to January 2011]

    • HC-3.1.1 [versions up to January 2011]

      Insurance licensees must appoint a person to undertake the function of Chief Executive Officer, unless they fall into the categories specified in Paragraph HC-3.1.3,

      Amended: July 2007

    • HC-3.1.2 [versions up to January 2011]

      The Chief Executive Officer is responsible for the executive management and performance of the licensee, within the framework of delegated authorities set by the Board. The function of Chief Executive Officer is a controlled function, and the person nominated to that post therefore requires prior CBB approval (see Module AU (Authorisation)).

      Amended: July 2007

    • HC-3.1.2A [versions up to January 2011]

      The Chairman of the Board may not act as the Chief Executive or General Manager. However, in the case of appointing a Director on the Board as the Managing Director of the insurance licensee, such person:

      (a) Should be fully responsible for the executive management and performance of the insurance licensee, within the framework of delegated authorities set by the Board;
      (b) Must devote full-time working hours to the insurance licensee; and
      (c) Must not be employed at any other firm.
      Added: April 2010

    • HC-3.1.3 [versions up to January 2011]

      Unincorporated entities, single person companies and overseas insurance licensees must appoint a person to undertake the function of General Manager.

    • HC-3.1.4 [versions up to January 2011]

      In the case of unincorporated entities and single person companies, the General Manager is the person directing the affairs of the licensee. In the case of overseas insurance licensees, the General Manager is the most senior manager resident in Bahrain, accountable to the CBB for the operations of the Bahrain branch and its compliance with CBB Regulations and Directives. The function of General Manager is a controlled function, and the person nominated to that post requires prior CBB approval (see Module AU).

      Amended: January 2007

    • HC-3.1.5 [versions up to January 2011]

      Residency requirements apply to Chief Executive Officers and General Managers: see Section AU-2.2.

      Amended: January 2007