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  • CA-7.1 CA-7.1 Whole Firm and Group Solvency

    • CA-7.1.1

      In addition to the capital adequacy and solvency requirements imposed on Bahraini insurance firms and overseas insurance firms, the CBB may require whole firm and/or group solvency information. The requirement under this Chapter apply to the following categories:

      (a) Overseas insurance firms;
      (b) Bahraini insurance firms with subsidiaries and branches, operating within Bahrain and/or in other jurisdictions; and
      (c) Bahraini insurance firms that are subsidiaries and whose parent companies may or may not be an insurance firm.
      Amended: January 2007

    • CA-7.1.2

      Captive insurers are exempted from the requirements to report on their group solvency position.

      Amended: January 2007

    • CA-7.1.3

      As part of the requirements of the Group Insurance Firm Return (Form GIFR) referred to in Section BR-1.3, the CBB may require an insurance firm to provide:

      (a) A statement of the consolidated financial position of any group of which the insurance firm is either the holding company, a subsidiary or a branch of that group; and
      (b) A statement of the solvency margin that would be determined by this Module if the group identified in part (a) of this Rule were a Bahrain authorised insurance firm.
      Amended: January 2007

    • CA-7.1.4

      In considering the application of Paragraph CA-7.1.3, the CBB will take into account where the balance of the insurance business is undertaken. Where a high-level of the business undertaken by the group is done from Bahrain, the requirements of CA-7.1.3 may apply.

      Amended: January 2007

    • CA-7.1.5

      The consolidated financial position referred to in Paragraph CA-7.1.3 must be determined on the basis that the assets and liabilities of that group are valued in accordance with the requirements of this Module.

    • CA-7.1.6

      An insurance licensee subject to the requirements of Paragraph CA-7.1.3 may, with the consent of the CBB, provide equivalent or substantially equivalent solvency margin information submitted to a supervisor in another jurisdiction.

      Amended: January 2007

    • CA-7.1.7

      In addition to consolidated information on the group, for Bahraini insurance firms, aggregate information detailing the solvency requirements of the major insurance subsidiaries in the group must also be submitted to the CBB as part of the Group Insurance Firm Return.

      Amended: January 2007

    • CA-7.1.8

      Where the licensee's group or parent reports its own solvency position to its regulatory authority (on a group or 'solo' basis) a copy of this calculation must be provided to the CBB within 30 calendar days from the due date to the other regulatory authority, in accordance with Paragraph RM-8.1.6.

      Amended: January 2007