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  • Controllers and Close Links

    • BR-2.3.7

      In accordance with Section GR-5.1, a Bahraini insurance licensee must seek CBB approval and give reasonable advance notice of any of the following events concerning the insurance licensee:

      (a) A person acquiring control or ceasing to have control;
      (b) An existing controller acquiring an additional type of control (such as ownership or significant influence) or ceasing to have a type of control;
      (c) An existing controller increasing his or her percentage in the issued or paid up capital or voting power beyond 10%, 20%, 30% or 40%; and
      (d) An existing controller becoming or ceasing to be a parent undertaking.
      Amended: October 2015
      Amended: January 2007

    • BR-2.3.8

      As part of the CBB's function of monitoring an insurance licensee's continuing satisfaction of the Principles of Business, the CBB needs to consider the impact of any significant change in the circumstances of one or more of its controllers, for example: changes in their financial standing; changes in respect of their corporate controllers; and changes in their governing bodies. Consequently, the CBB needs to know if there are any such changes.

      Amended: January 2007

    • BR-2.3.9

      Every insurance licensee authorised in Bahrain is required to submit an annual report on its controllers, as per Paragraph GR-5.1.7 and GR-5.5.3, and close links as set out in Paragraph GR-6.1.3.

      Amended: October 2015

    • BR-2.3.10

      An overseas insurance licensee must seek CBB approval and give reasonable advance notice of any of the following events concerning the overseas insurance licensee:

      (a) A person acquiring control or ceasing to have control; and
      (b) An existing controller becoming or ceasing to be a parent undertaking.
      Amended: January 2007

    • BR-2.3.11

      If there is uncertainty whether a particular relationship constitutes control, it may be appropriate for the insurance licensee or controller or proposed controller to ask the CBB for guidance and to obtain its own legal advice.

      Amended: January 2007

    • BR-2.3.12

      In accordance with Paragraph GR-6.1.3, an insurance licensee must submit within 3 months of its financial year end, a report on its close links. This report must identify all undertakings closely linked to the licensee, as defined in Section GR-6.2. In addition, where at any time requested by the CBB, insurance licensees must provide information on undertakings with which they are closely linked.

      Amended: January 2007
      Amended: October 2007

    • BR-2.3.13

      Insurance licensees must satisfy the requirements of Paragraph GR-6.1.3 by submitting a corporate structure chart, identifying all undertakings closely linked to the licensee.