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  • CBB Approval Criteria for Registered Actuaries

    • AA-4.2.6

      The Registered Actuary must not be a Director or employee of the insurance firm for which he/she is providing the FCR and must be authorised by the CBB in accordance with Article 74 of the CBB Law, to carry on the business of an actuary within the Kingdom of Bahrain.

      Amended: April 2014
      Amended: October 2007
      Amended: January 2007

    • AA-4.2.2

      The CBB's authorisation requirements for Reporting Actuaries are contained in Module AU (Authorisation).

      Amended: January 2007

    • AA-4.2.7

      The Registered Actuary must be independent of the insurance firm.

      Amended: October 2007

    • AA-4.2.8

      For a Registered Actuary to be considered independent, he, his spouse and dependant children must not be a related party to the insurance firm.

      Amended: January 2007
      Amended: October 2007

    • AA-4.2.9

      For the purpose of this Section, a related party of an insurance firm includes:

      (a) A controller of the insurance firm as defined in Section GR-5.2;
      (b) A close link of the insurance firm as defined in Section GR-6.2;
      (c) An associate of a controller as defined in Paragraph GR-5.2.2;
      (d) The extended family of a controller including a father, mother, father-in-law, mother-in-law, brother, sister, brother-in-law, sister-in-law, or grandparent;
      (e) A corporate entity, whether or not licensed or incorporated in Bahrain, where any of the persons identified in Subparagraphs (c) and (d) is a Director or would be considered a controller were the definition of controller set out in Paragraph GR-5.2.1 applied to that corporate entity; and
      (f) An employee of an insurance firm that is related to the insurance firm submitting the FCR required under this Chapter.
      Amended: April 2014
      Added: October 2007

    • CBB Approval Criteria for Signing Actuary

      • AA-4.2.10

        The Signing Actuary may be a Director or employee of the licensee concerned.

        Added: October 2007

      • AA-4.2.11

        Where the Signing Actuary is a Director or employee of the licensee concerned, he occupies a controlled function, and is subject to CBB approval as per Section AU-1.2.

        Added: October 2007

      • AA-4.2.12

        The Signing Actuary must act independently of the insurance firm in providing the FCR.

        Amended: April 2014
        Added: October 2007