(a) The seriousness of the contravention, in relation to the requirement(s) concerned;

(b) The duration and/or frequency of the contravention, and the extent to which it reflects more widespread weaknesses in controls and/or management;

(c) The extent to which the contravention was deliberate or reckless;

(d) The licensee's past compliance record and conduct following the contravention; and

(e) The scope of any other action taken by the CBB or other supervisors against the licensee, in response to the compliance failures in question.

(a) failures to address persistent delays and/or significant inaccuracies in regulatory reporting to the BMA;

(b) repeated failures to respond to formal requests for information from the BMA, within the deadlines set;

(c) the submission of information to the BMA known to be false or misleading; and

(d) major failures in maintaining adequate systems and controls in accordance with BMA requirements, subjecting policyholders and other customers to significant risk of financial loss.

(a) The violations committed by the licensee or persons referred to in paragraph (b) of Article (68 bis 1) of the CBB Law with respect to the CBB Law; the CBB Rulebook; any Directions, Warnings of Formal Requests for Information; or violations of the terms and conditions of the license issued to the licensee;

(b) Evidence of proof to support the above;

(c) The level of financial penalty to be imposed; and

(d) The grace period to be allowed to the licensee or persons referred to in paragraph (b) of Article (68 bis 1) of the CBB Law for challenging the intended penalty (which will not be less than 30 calendar days).

(a) Reporting requirements included in Module BR;

(b) Public disclosure requirements included in Module PD;

(c) The report of the external auditor or approved consultancy firm required as per Paragraph FC-3.3.1 (d); and

(d) Annual licensing and registration fees required as per Section AU-6.3.

(a) Where the insurance firm's gross premiums written are less than or equal to BD 10 million, the financial penalty for late filing is BD 40 per day;

(b) Where the insurance firm's gross premiums written are greater than BD 10 million but less than or equal to BD 30 million, the financial penalty for late filing is BD 100 per day;

(c) Where the insurance firm's gross premiums written are greater than BD 30 million, the financial penalty for late filing is BD 200 per day;

(d) For newly licensed insurance firms who have yet to provide audited financial statements, the financial penalty is BD 40 per day; and

(e) For insurance brokers, insurance consultants, insurance managers, loss adjusters and actuaries, the financial penalty is BD 20 per day.

(a) For incorporated appointed representatives that have 1 to 10 individuals, the financial penalty is BD 10 per day;

(b) For incorporated appointed representatives that have 11 to 20 individuals, the financial penalty is BD 15 per day;

(c) For incorporated appointed representatives that have more than 20 individuals, the financial penalty is BD 20 per day; and

(d) For individual appointed representatives, the financial penalty is BD 10 per day.

(a) In terms of a specified number of days following a given date, such as the last date of a calendar quarter;

(b) A specified number of days after the occurrence of a specific event; or

(c) A specific date.

(a) Where the due date falls on a holiday as designated by the CBB, the first business day following the holiday will be considered as being the due date;

(b) Where a due date is not complied with by the end of the day on which it is due, holidays and weekend days are included in the number of days the item is considered late;

(c) For returns and other filings, the date received is the date recorded by the CBB's systems in case of returns filed electronically;

(d) In the case of returns filed in hard copy, the CBB stamp is the date received;

(e) All returns are to be sent to the respective Supervision Directorate and the annual fees to the Accounts Directorate, on or before the due date, to be considered filed on time;

(f) A day ends at midnight in the case of returns that must be filed electronically, or at the close of CBB business day, in the case returns are filed in hard copy; and

(g) An incomplete return, where completeness is determined in relation to the requirements of the relevant instructions and Module BR, is considered 'not filed' until the CBB receives all necessary elements of the return.