Back Custom print Link Text Only Rich Text Print

  • EN-9 EN-9 Cancellation of Registration

    • EN-9.1 EN-9.1 Legal Source

      • EN-9.1.1

        Article 74 of the CBB Law empowers the CBB to establish the terms and conditions for registration.

        Adopted: January 2007

      • EN-9.1.2

        In addition,Paragraph AU-4.1.1 of Module AU (Authorisation) requires persons wishing to carry on the business of an actuary, loss adjuster or appointed representative in the Kingdom of Bahrain to be registered as such by the CBB. A condition of registration is that actuaries, loss adjusters and appointed representatives have relevant expertise and hold professional qualifications from a relevant, recognised professional body.

        Amended: October 2009
        Amended: October 2007
        Amended: January 2007

      • EN-9.1.3

        Actuaries and loss adjusters and the licensed principal of the appointed representatives must satisfy the CBB that they are generally suitable to operate as such. The suitability of actuaries, loss adjusters and appointed representatives is determined in accordance with Sections AU-4.1 and AU-4.2. If the CBB is satisfied that they meet the necessary requirements, they will be granted registration. Should the CBB not be satisfied of the suitability of an actuary, loss adjuster or appointed representatives it has the right to cancel their registration.

        Amended: October 2009
        Amended: January 2007

    • EN-9.2 EN-9.2 CBB Policy

      • EN-9.1.3

        Where the BMA proposes to cancel the registration of an actuary or loss adjuster, it must provide the actuary or loss adjuster concerned reasonable time to object to the proposed cancellation.

      • EN-9.2.1

        The CBB is conscious of the impact of revoking the registration of actuaries, loss adjusters and appointed representatives. Such assessments are carefully reviewed in light of all the relevant facts. In reaching a decision to cancel the registration, the CBB will consider the extent to which the factors set out in Chapter AU-4 have not been met.

        Amended: October 2009
        Adopted: January 2007

      • EN-9.2.2

        The CBB will normally consider as grounds for the revocation of registration the following events affecting an actuary, loss adjuster or appointed representative:

        (a) The conviction by a court, whether in Bahrain or elsewhere, for a crime affecting honesty;
        (b) A bankruptcy declaration by a court of law;
        (c) A court ruling that the actuary's, loss adjuster's or appointed representative's legal capacity is totally or partially impaired; or
        (d) The sanction by a professional body of a fine, suspension, expulsion or censure.
        Amended: October 2009
        Adopted: January 2007

    • EN-9.3 EN-9.3 Procedure

      • EN-9.3.1

        All proposals to cancel a registration are subject to a thorough review of all relevant facts and must be approved by an Executive Director of the CBB.

        Amended: January 2007

      • EN-9.3.2

        Once approved within the CBB, a notice of intent is issued to the registrant concerned, setting out the basis for the decision. The notice of intent will describe the factual circumstances and the CBB's rationale for the proposed cancellation.

        Amended: January 2007

      • EN-9.3.3

        The registrant has 30 calendar days from the date stated in the notice in which to appeal the decision. The appeal should be addressed to the Executive Director that has approved the proposal for cancellation.

        Amended: January 2007

      • EN-9.3.4

        If representations are made, then the CBB has 30 calendar days from the date of the representation in which to consider any mitigating evidence submitted and make a final determination.

        Amended: January 2007