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  • Mergers, Acquisitions, Disposals and Establishment of New Subsidiaries

    • BR-2.3.17

      An insurance licensee incorporated in Bahrain must seek CBB approval and give reasonable advance notice of its intention to:

      (a) Enter into a merger with another undertaking;
      (b) Enter into a proposed acquisition, disposal or establishment of a new subsidiary; or
      (c) Open a new place of business as a subsidiary, a branch or a representative office within the Kingdom of Bahrain or other jurisdiction.
      Amended: January 2020
      Amended: April 2013
      Amended: October 2007
      Amended: January 2007

    • BR-2.3.18

      Bahraini Insurance licensees will in addition to this approval requirement need to consider the implications of a merger, acquisition, disposal or establishment of a new subsidiary undertaking in the context of the controllers and close links Rules set out in Module GR. Where an insurance licensee proposes to enter into a merger, the CBB would ordinarily expect to be notified in the context of the controller notification requirements set out in Module GR and Paragraph BR-2.3.17.

      Amended: January 2007
      Amended: October 2007

    • BR-2.3.19

      Overseas insurance licensees, whilst not having to give advance notice of a proposed merger with another undertaking, a proposed acquisition, disposal or establishment of a new subsidiary undertaking under Paragraph BR-2.3.17, will still need to consider the implications of such transactions in the context of the controllers and close links rules set out in Module GR. Where an overseas insurance licensee proposes to enter into a merger, the CBB would ordinarily expect to be notified in the context of the controller notification requirements set out in Module GR and Paragraph BR-2.3.16.

      Amended: January 2007
      Amended: October 2007