FC-B.1 FC-B.1 License Categories
FC-B.1.1
Chapters FC-1 to FC-9 apply to all
insurance firms andinsurance brokers . These Chapters also apply toinsurance managers where they manage a captive insurer. Chapters FC-1 to FC-9 do not apply toinsurance consultants .FC-B.1.2
Chapters FC-1 to FC-9 apply, as specified in Paragraph FC-B.1.1, to all
insurance firms ,insurance brokers and, where they manage acaptive insurer ,insurance managers , irrespective of whether they are aBahraini insurance licensee or anoverseas insurance licensee .Overseas insurance licensees , andBahraini insurance licensees that are subsidiaries of an overseas group, may apply additional AML/CFT policies and procedures, provided they satisfy the minimum requirements contained in this Module.Amended: January 2007
Amended: October 2007FC-B.1.3
The Rules and Guidance in this Module are in addition to and supplement the requirements contained in Decree Law No. (4) of 2001 with respect to the prevention and prohibition of the laundering of money; this Law was subsequently updated, with the issuance of Decree Law No. 54 of 2006 with respect to amending certain provisions of Decree No. 4 of 2001 (collectively, 'the AML Law'). The AML Law imposes obligations generally in relation to the prevention of money laundering and the combating of the financing of terrorism, to all persons resident in Bahrain (including financial services firms such as
insurance licensees ). Allinsurance licensees are under the statutory obligations of that Law, in addition to the more specific requirements contained in this Module. Nothing in this Module is intended to restrict the application of the AML Law (a copy of which is contained in Part B of Volume 3 (Insurance), under 'Supplementary Information'). Also included in Part B is a copy of Decree Law No. 58 of 2006 with respect to the protection of society from terrorism activities ('the anti-terrorism law').Amended: January 2007FC-B.1.4
Chapter FC-10, dealing with insurance fraud, applies to all
insurance licensees .
