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  • BR-A BR-A Introduction

    • BR-A.1 BR-A.1 Purpose

      • Executive Summary

        • BR-A.1.1

          This Module sets out the Central Bank of Bahrain ('CBB')'s financial reporting requirements, as well as notifications and CBB prior approvals required from insurance licensees, except for licensees exempted as per Chapter BR-1. This Module also outlines the methods used by the CBB in gathering information required in the supervision of insurance licensees.

          Amended: January 2007

      • Legal Basis

        • BR-A.1.2

          This Module contains the CBB's (as amended from time to time) Directive relating to reporting requirements of the CBB 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

        • BR-A.1.3

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

          Added: January 2007

    • BR-A.2 BR-A.2 Module History

      • BR-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 subsequently been made to this Module are annotated with the calendar quarter date in which the change is made: UG-3 provides further details on Rulebook maintenance and version control.

        Amended: January 2007

      • BR-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

      • BR-A.2.3

        A list of recent changes made to this Module is provided below:

        Module Ref. Change Date Description of Changes
        BR-1.1 01/10/05 Corrected reference to Form IFR; Clarified definition of equity basis; amended requirement to have IFR reviewed (instead of audited) by external auditors; amended signatures required for IFR for overseas insurance firms and; added a Paragraph detailing other reporting requirements.
        BR-1.2 01/10/05 Amended requirement to have IMR reviewed (instead of audited) by external auditors; amended signatures required for IMR for overseas insurance licensees and; added a Paragraph detailing other reporting requirements.
        BR-1.4 01/10/05 Corrected reference to Form IFRQ and amended due date of quarterly return to within 45 days of the relevant quarter year end.
        BR-2.2 01/10/05 Added notification requirement for appointed representatives and for reinsurance in excess of 25%.
        BR-2.3 01/10/05 Clarified that prior approval for changes in controllers is required for all insurance licensees.
        BR-1.1 01/01/06 Clarified that the Insurance Firm Return (IFR) of every insurance firm must be reviewed in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements. Added a transition period for the submission of the first IFR for the period ending December 31, 2006.
        BR-1.2 01/01/06 Clarified that the IMR of every insurance intermediary and insurance manager must be reviewed, in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements.
        BR-1.3 01/01/06 Added a transition period for the submission of the first GIFR for the period ending December 31, 2006.
        BR-1.4 01/01/06 Added a transition period for the submission of the first QIFR for the period ending March 31, 2007.
        BR-1.1 01/04/06 Added the requirement for filing a copy of the external auditor's management letter.
        BR-1.2 01/04/06 Added the requirement for filing a copy of the external auditor's management letter.
        BR-2.3.22

        BR-2.3.23

        BR-2.3.29(d)        		 01/04/06 Corrected cross reference to Module CA and clarified prior approval requirements in the case of insurance contracts with related parties; corrected cross reference to Module AU.
        BR-A.1.2 01/2007 New Rule introduced, categorising this Module as a Directive.
        BR-1.1.5, 16, 17 and 26 and BR-1.2.5, .15, 16 and 17 01/2007 Auditor's report (Agreed Upon Procedures) for both the IFR and IMR is to be submitted separately, within four months of the financial year end.
        BR-1.1.18 01/2007 Amended details of actuary's certification in line with new format of certificate included as part of the IFR.
        BR-1.1.29 and 36 and BR-1.2.20 and 27 01/2007 The management letter issued by the external auditors is to be deposited along with the audited financial statements with every IFR and IMR.
        BR-1.4.2 01/2007 Clarified that quarterly reporting requirements do not apply to insurance firms in run-off and to pure reinsurers.
        BR-2.3.22 01/2007 Clarified the Rule regarding related party transactions.
        BR-1.1.22, 23, 25 10/2007 Reporting requirements for actuarial reports amended as per changes to Chapter AA-4.
        BR-1.1.26 and 30 10/2007 Amended number and format of copies of IFR to be submitted to CBB
        BR-1.2.17 and 21 10/2007 Amended number and format of copies of IMR to be submitted to CBB
        BR-2.3.29 10/2007 Added that CBB prior approval is required for dividend distribution.
        BR-2.2.14 04/2009 Added notification requirement for when an approved person ceases to occupy a controlled function.
        BR-2.2.8 04/2010 Added conflict of interest in notification requirements.
        BR-2.2.11(g) 04/2010 Amended name of bankruptcy legislation.
        BR-A.1.2 01/01/11 Clarified legal basis.
        BR-1.5 01/2011 Added IIS reporting requirements.
        BR-1.5.2 04/2011 Corrected cross reference.
        BR-1.5.3 10/2011 Added requirement for submission of complaint handling procedures report.
        BR-3.4.1 10/2011 Corrected cross reference.
        BR-3.5 10/2011 Added new Section on the Role of the Appointed Expert (Material transferred from EN-2).
        BR-1.1.35(a) 04/2012 Corrected cross reference.
        BR-1.2 04/2012 Amended to reflect updated requirements for insurance consultant and manager financial reporting.
        BR-1.2A 04/2012 New Section added for Insurance Broker return.
        BR-1.4A 04/2012 New Section added for semi-annual prudential reporting by insurance brokers.
        BR-1.5 04/2012 Added requirement for a report reviewing the insurance broker's compliance with Module CL and other minor corrections.
        BR-3.1.1A and BR-3.1.1B 04/2012 Added Paragraphs to clarify Rules on power to request information.
        BR-3.3.1 and BR-3.4 04/2012 Minor corrections.
        BR-1.5.1 01/2013 Clarified deadline to update IIS.
        BR-1.2A.6 04/2013 Corrected due date for insurance broker return to be consistent with other related Rules.
        BR-2.3.14 04/2013 Added reference to CBB Law.
        BR-2.3.17 04/2013 Clarified the Rule on the establishments of new operations.
        BR-1.1 04/2014 Amended to be in line with the updated requirements for the actuary's financial condition report.
        BR-2.3.29 and BR-2.3.30 10/2014 Clarified that the requirement for the payment of dividends is a no objection letter from the CBB.
        BR-2.2.13A, BR-2.2.13B, BR-2.3.7 and BR-2.3.9 10/2015 Amended to be in line with updated Chapter GR-5.
        BR-1A.5 04/2017 Added a new Section on On-site Inspection Reporting.
        BR-2.3.14 01/2020 Amended Paragraph.
        BR-2.3.17 01/2020 Amended Paragraph.
        BR-1A.5.2 01/2022 Amended Paragraph on the submission of the written assessment of the observations/issues raised in the Inspection draft report.
        BR-1.4.7 04/2022 Amended Paragraph on the submission of the quarterly financial report.
        BR-1.4A.6 04/2022 Amended Paragraph on the submission of the semi-annual financial report.
        BR-1.1A 07/2022 Added a new Section on semi-annual (interim) financial statements.
        BR-1.4.2 07/2022 Amended Paragraph on submission of Quarterly Financial Reporting.
        BR-2.3.29(a) 01/2023 Deleted Sub-paragraph on CBB approval for outsourcing internal audit function and other material functions.
        BR-1.1.5 10/2023 Amended Paragraph on submission of IFR requirements.
        BR-1.1.12 10/2023 Deleted Paragraph.
        BR-1.1.13 10/2023 Deleted Paragraph.
        BR-1.1.26 10/2023 Amended Paragraph on submission of IFR requirements.
        BR-1.1.30 10/2023 Deleted Paragraph.
        BR-1.1.31 10/2023 Deleted Paragraph.
        BR-1.2A.6 10/2023 Amended Paragraph on the content of the insurance broker return report.
        BR-1.2A.11 – BR-1.2A.13 10/2023 Deleted Paragraphs.
        BR-1.2A.18 10/2023 Amended Paragraph on submission of IBR.
        BR-1.2A.21 – BR-1.2A.22 10/2023 Deleted Paragraphs.

      • BR-A.2.3 [Deleted]

        Deleted: January 2007

      • BR-A.2.4

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

        Amended: January 2007