GR-4.4 GR-4.4 CBB Decision
GR-4.4.1
In accordance with Article 67 (d), the CBB’s decision regarding the application for transfer made under Section GR-4.3, will be published as a notice in the Official Gazette and in two local news papers (one in Arabic and one in English). If the liabilities are located in a jurisdiction outside Bahrain, the CBB may also publish such notice in the jurisdiction in which the risk is situated. In all cases, the costs of publication of this notice must be met by the transferor.
Amended: January 2007GR-4.4.2
[This Paragraph was deleted in January 2007].
Amended: January 2007GR-4.4.3
[This Paragraph was moved to Section GR-4.2 in January 2007].
Amended: January 2007GR-4.4.4
The requirement in Paragraph GR-4.4.1 does not have to be met in respect of a transfer of business where the transferor is a Category C1
captive insurance firm .GR-4.4.5
Article 67(e) notes that where the application for business transfer has been turned down by the CBB or includes restrictions, the applicant may appeal to a competent court within 30 calendar days from the date of publication referred to in Paragraph GR-4.4.1.
Added: January 2007
