Keeping of Separate Client Accounts
GR-1.2.9
An
insurance broker must, in connection with any premiums received in the course of its business, establish and maintain separateclient accounts separate from those used for its own funds.GR-1.2.9A
Specific Rules and guidance dealing with the holding of client money are contained in Module CL (Client Money).
Added: April 2012GR-1.2.10
An
insurance broker must not make withdrawals from itsclient accounts for any purposes other than those of theclient .GR-1.2.11
Payment of premiums to
insurance firms , or commissions (brokerage) to theinsurance broker's own accounts shall not be effected until the premiums to which these payments relate have been duly received from thatclient and credited to theclient account.GR-1.2.12
In respect of premiums booked in Bahrain, in relation to residents and non-residents of Bahrain, these accounts are to be maintained with a retail bank licensed to operate in the Kingdom of Bahrain.
Amended: January 2007GR-1.2.13
[This Paragraph was deleted in April 2012].
Deleted: April 2012GR-1.2.14
[This Paragraph was deleted in April 2012 and new guidance is now contained in Paragraph CL-1.1.9].
Deleted: April 2012GR-1.2.15
[This Paragraph was deleted in April 2012 and new guidance is now contained in Paragraph CL-1.1.10].
Deleted: April 2012GR-1.2.16
[This Paragraph was deleted in April 2012].
Deleted: April 2012
