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  • PD-2 PD-2 Semi-Annual Disclosure Requirements

    • PD-2.1 PD-2.1 General Requirements

      • Application

        • PD-2.1.1

          This Chapter applies to all insurance firms.

      • The Requirements

        • PD-2.1.2

          Insurance firms must publish interim summary financial statements, in accordance with IAS 34 (International Accounting Standards). Insurance firms must also provide prior year comparative figures, as dictated by IAS 34, when disclosing semi-annual results.

          Amended: January 2007
          Amended: October 2007

        • PD-2.1.2A

          For Takaful firms, the published interim financial statements must provide a detailed breakdown of the statement of financial position and statement of comprehensive income for the shareholder fund and for any participant fund(s) of the Takaful firm.

          Added: April 2014

        • PD-2.1.3

          The statements referred to under Paragraph PD-2.1.2 must be reviewed by the firm's external auditor, in accordance with International Standards on Auditing (ISA) applicable to Review engagements.

          Amended: January 2007
          Amended: October 2007

        • PD-2.1.4

          The statements referred to under Paragraph PD-2.1.2 must be published in two local newspapers (one in Arabic, one in English), within two months of the statements' date.

          Amended: October 2007

        • PD-2.1.4A

          Insurance firms must submit a newspaper copy of the published financial statements (referred to under Paragraph PD-2.1.4) to the CBB within two 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-2.1.4B

          Bahraini insurance firms, whose business is limited to reinsurance activities, are exempt from publishing semi-annual interim financial statements in local newspapers. However, interim results must be made available in electronic format via the firm's web site.

          Added: January 2008

        • PD-2.1.5

          Insurance firms are required to comply with the requirements of Chapter PD-2, effective for the period ending 30 June 2008. (Refer to ES-2.8.1).

          Amended: January 2007

    • PD-2.2 PD-2.2 Special Arrangements for Newly-Established Insurance Firms

      • PD-2.2.1

        Newly-established insurance firms are not required to follow the publication requirements of Section PD-2.1 for the first semi-annual results of their operation or until the commencement of their second financial year of operation (whichever period is the latest).

        Added: January 2011

      • PD-2.2.2

        After the period referred to in Paragraph PD-2.2.1 has expired, all newly-established insurance firms must follow the publication requirements of Section PD-2.1. Newly-established insurance firms must follow the requirements for annual public disclosure outlined in Chapter PD-1.

        Added: January 2011