Back Custom print Link Text Only Rich Text Print

  • IM-A.2 IM-A.2 Module History

    • IM-A.2.1

      This Sector Guide 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 date in which the change was made. Chapter UG-3 provides further details on Rulebook maintenance and version control.

      Amended: January 2007

    • IM-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.

      Amended: January 2007

    • IM-A.2.3

      A list of recent changes made to this module are detailed in the table below:

      Module Ref. Change Date Description of Changes
      IM-1.2 01/07/05 Corrected that only insurance consultants and insurance managers are exempt from statutory deposits.
      IM-2.5 01/07/05 Corrected that insurance brokers are subject to statutory deposits.
      IM-3.4 01/07/05 Clarified scope of application of Decree Law No. 4.
      IM-2.1 01/10/05 Added the option for insurance manager to operate as a branch resident in Bahrain of a company incorporated in another jurisdiction.
      IM-3.4 01/10/05 Updated cross-references to Module FC.
      IM-A.1.3 01/2007 Updated to reflect new CBB Law and new Rule IM-A.1.3 introduced categorising this Module as a Directive.
      IM-2.3.3 10/2007 Amended the minimum number of Directors required to three as per amendment to Module HC.
      IM-2.1.7 and 2.1.8 04/2010 Amended legal status of insurance broker and insurance consultant to be in line with amendments made to Module AU.
      IM-A.1.3 01/2011 Clarified legal basis
      IM-1.2.1 and IM-2.3 04/2011 Amended to reflect changes to Module HC.
      IM-1.2.1 04/2012 Added summary of newly released Module CL (Client Money).
      IM-2.5.7 04/2012 Updated requirements for report on close links.
      IM-3.1.2 04/2012 Updated capital requirements for insurance brokers.
      IM-3.2.6 04/2012 Added requirement to have customer complaints handling procedures.
      IM-3.2A 04/2012 Added Section to deal with newly released Module CL (Client Money).
      IM-4.1 04/2012 Deleted reference to IMR and added new reference to Insurance broker return (Form IBR). Also added new requirement for agreed upon procedures related to compliance with Module CL.

    • IM-A.2.4

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

      Amended: January 2007