BC-B.1 BC-B.1 Insurance Licensees
BC-B.1.1
Except as noted in this section, the requirements in this Module apply to all
insurance licensees , with respect to theirdirect insurance activities carried on from the Kingdom of Bahrain with a person who is a resident of Bahrain ('domestic business ').Amended: October 2011BC-B.1.2
The requirements of this Module therefore apply to
insurance firms andinsurance intermediaries who are selling, intermediating or advising ondirect insurance contracts from their offices in Bahrain, with respect tocustomers who are resident of Bahrain. The requirements in this Module do not, therefore, apply todirect insurance activities carried on from overseas branches and subsidiaries ofBahraini insurance licensees , or to activities carried on with non-residents.BC-B.1.3
Reinsurance business is exempted from the requirements of this Module because the reinsurance market is limited to dealings between insurance market professionals.
BC-B.1.4
The activities of
insurance managers and operators of insurance exchanges do not fall within the scope of this Module. However, the CBB expects theinsurance manager to consider the requirements of this Module in relation to the service provided, on behalf of thecaptive insurer orinsurance firm , to its 'clients', namely insured members of the group.Amended: January 2007BC-B.1.5
Although the requirements of this Module apply in full to all
direct insurance activities in relation todomestic business , the CBB recognises that customers' needs vary. For example, because acaptive insurer is insuring the risks of its parent group, it would be acceptable for the level of sales documentation and written disclosure to be less than would be required for retailcustomers . Large corporatecustomers may also require less extensive written disclosures than retailcustomers . The requirements in this Module giveinsurance licensees the flexibility to adapt their processes to suit the different needs of differentcustomer types.Amended: January 2007
