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  • PD-A PD-A Introduction

    • PD-A.1 PD-A.1 Purpose

      • Executive Summary

        • PD-A.1.1

          The purpose of this Module is to set out the minimum requirements applied by the Central Bank of Bahrain (‘CBB’) to insurance firms, with respect to corporate and financial transparency through meaningful public disclosures. Such disclosures help protect customers of insurance firms and facilitate market discipline.

          Amended: January 2007

        • PD-A.1.2

          The CBB's disclosure requirements vary according to the Category of insurance licensee. Certain categories are exempt from these requirements, because of the limited nature of their business. The scope of application of these requirements is given in Section PD-B.1.

          Amended: January 2007

        • PD-A.1.3

          The CBB encourages insurance firms to go beyond the minimum requirements specified in this Module. Further guidance on international best practice in this regard is provided in Chapter PD-3.

          Amended: January 2007

        • PD-A.1.4

          In setting out certain detailed disclosure requirements, this Module supports various other parts of the Rulebook, namely:

          (a) Principles of Business (Module PB);
          (b) Authorisation (Module AU);
          (c) Auditors and Actuaries (Module AA);
          (d) CBB Reporting (Module BR);
          (e) Capital Adequacy (Module CA); and
          (f) Business Conduct (Module BC).
          Amended: January 2007

      • Legal Basis

        • PD-A.1.5

          This Module contains the CBB's Directive (as amended from time to time) relating to public disclosure 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.

          Amended: January 2011
          Amended: July 2009
          Amended: October 2007
          Added: January 2007

        • PD-A.1.6

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

          Added: January 2007

    • PD-A.2 PD-A.2 Module History

      • PD-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 was made: Chapter UG-3 provides further details on Rulebook maintenance and version control.

        Amended: January 2007

      • PD-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

      • PD-A.2.3

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

        Module Ref. Change Date Description of Changes
        PD-1.1 01/10/05 Amended the requirement that the Annual Report be available only in printed form (electronic format is optional).
        PD-2.1 01/10/05 Reference added to IAS 34; clarified the semi-annual financial statements are subject to "review" and not "audit".
        PD-1.1.6 01/04/06 Clarified local disclosure requirements.
        PD-2.1.5 01/07/06 Added a transition period for semi-annual disclosure requirements.
        PD-A1.5 01/2007 New Rule introduced referring to the CBB Law and categorising this Module as a Directive.
        PD-2.1.2 01/2007 Clarified that insurance firms are to disclose prior year comparative figures as part of the requirements for semi-annual disclosure requirements.
        PD-1.1.6A, 1.2.5A and 2.1.4A 10/2007 Clarified that insurance firms must submit the newspaper copy of the required published financial statements.
        PD-2.1.4B 01/2007 Clarified that pure reinsurers need not published in local newspapers their semi-annual results. Publication of these results on their website will meet CBB requirements.
        PD-A.1.5 07/2009 Corrected application of legal basis.
        PD-1.1.12 07/2009 Clarified format of auditor's opinion for audited financial statements to be submitted
        PD-A.1.5 01/2011 Clarified legal basis.
        PD-2.2 01/2011 Added a new Section for newly-established insurance firms.
        PD-1.1.12A, PD-1.1.13A, and PD-2.1.2A 04/2014 Added public disclosure requirements for Takaful firms.
        PD-1.1.21 10/2019 Amended Paragraph on disclosure of financial penalties of insurance firms.
        PD-1.2.4 10/2019 Amended Paragraph on disclosure of financial penalties of overseas insurance firms.
        PD-1.1.6A, PD-1.2.5A & PD-2.1.4A 07/2023 Amended Paragraphs on submission of newspaper extracts of financial statements.

      • PD-A.2.3 [Deleted]

        Deleted: January 2007

      • PD-A.2.4

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