Back Custom print Link Text Only Rich Text Print

  • GR-4.3 GR-4.3 Determination of Applications

    • GR-4.3.1

      The CBB will not approve the transfer, under the terms of Paragraph GR-4.2.1, unless it is satisfied that:

      (a) The transferee is authorised to carry on regulated insurance services in Bahrain or (where relevant) is authorised or otherwise permitted to carry on regulated insurance services in the jurisdiction where any overseas risks are situated;
      (b) Every policy included in the transfer evidences a contract which was entered into before the date of the application;
      (c) The transferee possesses the necessary margin of solvency, required by the regulatory authorities to which he is subject to, after taking the proposed transfer into account;
      (d) Where policies are being transferred from an overseas branch of the insurance licensee, or the transferee is an overseas insurance licensee, the relevant overseas regulatory authority has been consulted about the proposed transfer, the law of that jurisdiction provides for the possibility of such a transfer, and the relevant supervisory authority in that jurisdiction has agreed to the transfer; and
      (e) There are no material adverse consequences from the transfer on the transferee or the security of policyholders.
      Amended: January 2007