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  • BC-A BC-A Introduction

    • BC-A.1 BC-A.1 Purpose

      • Executive Summary

        • BC-A.1.1

          This Module presents requirements that have to be met by insurance licensees with regards to their dealings with customers. Reinsurance business is exempted from the scope of these requirements.

        • BC-A.1.2

          The requirements contained in this Module aim to ensure that insurance licensees deal with their customers in a fair and open manner, and address their customers' information needs.

          Amended: January 2007

        • BC-A.1.3

          The requirements build upon several of the Principles of Business (see Module PB (Principles of Business)). Principle 1 (Integrity) requires insurance licensees to observe high standards of integrity and fair dealing, and to be honest and straightforward in their dealings with customers. Principle 7 (Customer Interests), requires insurance licensees to pay due regard to the legitimate interests and information needs of their customers, and to communicate with them in a fair and transparent manner.

          Amended: January 2007

        • BC-A.1.4

          The requirements contained in this Module are largely principles-based and focus on desired outputs rather than on prescribing detailed processes. This gives insurance licensees flexibility in how to implement the basic standards prescribed in this Module.

          Amended: January 2007

      • Legal Basis

        • BC-A.1.5

          This Module contains the Central Bank of Bahrain's ('CBB') (as amended from time to time) Directive relating to business conduct and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to insurance licensees (including their approved persons).

          Amended: January 2011
          Added: January 2007

        • BC-A.1.6

          For an explanation of the CBB’s rule-making powers and different regulatory instruments, see Section UG-1.1.

          Added: January 2007

    • BC-A.2 BC-A.2 Module History

      • BC-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 been 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 2007

      • BC-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 2007

      • BC-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
        BC-3.4 01/07/05 Clarified language of takaful disclosure.
        BC-A.1.5 01/2007 New Rule introduced, categorising this Module as a Directive.
        BC-A.1.5 01/2011 Clarified legal basis
        BC-2.11 and BC-4 10/2011 Replaced Complaints Section BC-2.11 with new Chapter BC-4 Customer Complaints Procedures.
        BC-4.2 and BC-4.3 01/2012 Minor corrections to correct typos and clarify language.
        BC-4.3.9 01/2012 Paragraph deleted as it repeats what is in Paragraph BC-4.3.7.
        BC-4.1.3A 10/2012 Added guidance on the appointment of the customer complaints officer.
        BC-4.7 07/2013 Additional details provided on reporting of complaints.
        BC-2.9 04/2016 Added requirements for insurance firms when dealing with medical insurance.
        BC-4.3.16 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-4.5.6 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-4.7.1 - BC-4.7.3 04/2020 Amended Paragraph adding reference to CBB consumer protection.
        BC-C 10/2020 Added a new Chapter on Provision of Financial Services on a Non-discriminatory Basis.

      • BC-A.2.3 [Deleted]

        Deleted: January 2007

      • BC-A.2.4

        Guidance on the implementation and transition to Volume 3 (Insurance) is given in Module ES (Executive Summary).

        Amended: January 2007