GR-A.2 GR-A.2 Module History
GR-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 2007GR-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 2007GR-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 GR-B.1 01/07/05 Clarified that GR-7 also applies to insurance brokers. GR-7.1 01/07/05 Corrected that cash deposit requirements also apply to insurance brokers and simplified the calculation of cash deposit required for insurance firms. GR-1.2 01/10/05 Clarified that transaction records must be maintained in Bahrain. GR-4.4 01/10/05 Corrected cross-reference. GR-6.1 01/10/05 Corrected references to Forms. GR-10.1 01/10/05 Clarified when evidence of professional indemnity coverage is to be provided and corrected cross-reference. GR-7.1 01/01/06 Clarified that insurance licensees originally licensed as exempt companies can opt to have their cash deposit maintained with the CBB. GR-7.1.2 01/04/06 Clarified that the requirement to maintain a cash deposit does not apply to insurance firms that are in run-off and whose license is restricted from entering into new contracts of insurance. GR-10.1.7 01/04/06 Clarified the meaning of the clause required dealing with an automatic extended reporting period. GR-A.1.2 01/2007 New Rule introduced, categorising this Module as a Directive. GR-B.1.1 01/2007 Clarified that Chapters GR-4 and GR-8 apply to all insurance licensees. GR-1.1 01/2007 Rule amended and Guidance added with respect to translation and archiving of books and records. GR-2.1.1 01/2007 Clarified the vetting of names for subsidiaries. GR-4 01/2007 This Chapter applies to all insurance licensees and was amended to be aligned with the requirements of the CBB Law. GR-5.1 01/2007 Minor changes to align controller requirements with the CBB Law. GR-5.2 01/2007 Clarification of definition of controller. GR-5.3 01/2007 Clarification of criteria for assessing suitability of controllers. GR-5.4 01/2007 Alignment of procedures for approving controllers with CBB Law. GR-7.1.1 01/2007 Reference to CBB Law on requirement for a cash deposit.. GR-7.1.3 01/2007 Paragraph deleted as now redundant since captive insurers are exempted from a cash deposit requirement as per GR-7.1.2. GR-7.2.1 01/2007 Rule deleted. GR-8 01/2007 This Chapter applies to all insurance licensees and was amended to be aligned with the requirements of the CBB Law. GR-10.1.13 01/2007 Clarified the format of the notice related to the professional indemnity coverage. GR-1.2.1 and 1.2.5 10/2007 Clarified the record retention period for customer and transaction records in line with Article 60 of the CBB Law. GR-10.1.1A 04/2008 Added Guidance concerning limitations on indemnification coverage. GR-3.1 04/2009 Clarified the rules governing the request for CBB no-objection on any dividend proposed. GR-A.1.2 10/2009 Added the legal requirements as per Article 74 of the CBB Law. GR-5.4.2 10/2009 Guidance amended to be consistent with wording under Article 53(a) of the CBB Law. GR-9 10/2009 Incorporated the requirements of Resolution 11 as per Article 74 of the CBB Law. GR-A.1.2 01/2011 Clarified legal basis GR-5.3 10/2011 Amended to be in line with other Volumes of the CBB Rulebook and to reflect the issuance of Resolution No.(43) of 2011. GR-8.1 10/2011 Clarified language on cessation of business to be in line with other Volumes of the CBB Rulebook. GR-B.1.1 04/2012 Amended to reflect the deletion of certain Paragraphs in Section GR-1.2. GR-1.2 04/2012 Amendments made to reflect the issuance of Module CL (Client Money). GR-6.1 04/2012 Clarified that the reporting requirements for close links are only applicable to insurance firms and insurance brokers. GR-2.2 10/2014 New Section added regarding publication of documents by the licensee. GR-A.1.2, GR-B.1.2 and GR-5 10/2015 Updated to reflect issuance of Resolution No. (27) of 2015 governing control in insurance licensees. GR-7.1 07/2016 Amended requirements for cash deposit. GR-8.1.14 10/2016 Added additional requirements for cessation of business to be in line with all Volumes. GR-5.1.5 01/2017 Consistency of notification timeline rule on controllers with other Volumes of the CBB Rulebook. GR-1.2.5 07/2017 Amended paragraph according to the Legislative Decree No. (28) of 2002. GR-1.2.6 07/2017 Deleted paragraph. GR-3.1.1A 10/2017 Added additional requirement to submit when requesting no-objection letter for proposed dividend. GR-1.1.2 10/2018 Amended Paragraph to be consistent with other Volumes. GR-5.1.1A 04/2019 Added a new Paragraph on exposure to controllers. GR-5.1.1B 04/2019 Added a new Paragraph on exposure to controllers. GR-1.2.5 01/2020 Amended Paragraph. GR-8.1.14 04/2020 Amended Paragraph. GR-9.1.13 04/2020 Amended Paragraph. GR-2.1.1 01/2022 Amended Paragraph on licensee legal and corporate name. GR-2.1.3 01/2022 Amended Paragraph on licensee change in legal name. GR-9 07/2023 Amended Chapter with new revised appointed representatives requirements. GR-3 01/2024 Amended Chapter on Dividends and Profit Repatriation. GR-A.2.3
This Module supersedes various articles contained in Ministerial Order No. 6 of 1990 regarding the issue of regulations for implementing legislative decree No. 17 of 1987 with respect to insurance companies and organisations. The specific articles in the Ministerial Order that have been cancelled by this Module are listed below:
Order No. 6 Article Ref. Module Ref. Subject 16, 29 GR-1 Books and Records 20 GR-4 Portfolio Transfers 12–15 GR-7 Statutory Deposits 20 GR-8 Suspension of business GR-A.2.4
Guidance on the implementation and transition to Volume 3 (Insurance) is given in Module ES (Executive Summary).
Amended: January 2007
