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  • PD-1.2 PD-1.2 Disclosure by Overseas Insurance Firms

    • PD-1.2.1

      Overseas insurance firms must publish on an annual basis audited financial statements for their Bahrain operations, in the manner described in this Section, within 3 months of the end of the firm's financial year.

    • PD-1.2.2

      The disclosure requirements referred to in Paragraph PD-1.2.1 are in addition to those required under International Financial Reporting Standards ('IFRS').

      Amended: October 2007

    • PD-1.2.3

      Overseas insurance firms must disclose in their published accounts all information which policyholders would reasonably expect to be given in order to form a view of the branch's ability to meet its obligations.

      Amended: January 2007

    • PD-1.2.4

      In accordance with Paragraph EN-B.4.5, overseas insurance firms must also disclose the amount of any financial penalties paid to the CBB, together with a factual description of the reason(s) given by the CBB for the penalty. Overseas insurance firms which fail to comply with this requirement will be required to make the disclosure in the annual audited financial statements of the subsequent year and will be subject to an enforcement action for non-disclosure.

      Amended: October 2019
      Amended: January 2007
      Amended: October 2007

    • PD-1.2.5

      The requirement to publish audited financial statements will be met where overseas insurance firms publish financial information (balance sheet and income statement) and financial penalties paid to theCBB, in two local daily newspapers (one in Arabic, one in English), containing details of where interested parties may obtain a copy of the full audited financial statements in either electronic or paper form.

      Amended: January 2007
      Amended: October 2007

    • PD-1.2.5A

      Overseas insurance firms must submit a newspaper copy of the published financial statements (referred to under Paragraph PD-1.2.1) to the CBB within three months from the statements’ date clearly showing on which date and in which publication(s) the statements were published.

      Amended: July 2023
      Added: October 2007

    • PD-1.2.6

      Overseas insurance firms whose business is limited to reinsurance activities are exempt from publishing information in local newspapers. However, their audited financial statements and information related to any financial penalties paid to the CBB must be made available in electronic format via the firm's web site.

      Amended: January 2007

    • PD-1.2.7

      Overseas insurance firms must provide printed copies of their audited financial statements on request, but may charge a fee for providing a printed copy to persons who are neither policyholders nor shareholders of the company.

      Amended: January 2007

    • PD-1.2.8

      Overseas insurance firms must make available in Bahrain information on the overall financial position of the firm (i.e. including head office operations), to enable an understanding of the company as a whole. This requirement can be discharged by:

      (a) Publication of information on the overall financial position of the whole firm as part of the publication of branch financial statements in Bahrain; or
      (b) Reference in the publication in Bahrain to the firm's web site where information that meets these requirements can be found (in English and/or Arabic).
      Amended: January 2007