IM-1.1 IM-1.1 Insurance Intermediaries and Managers in Bahrain
IM-1.1.1
The functions of
insurance broker andinsurance consultant were in existence under the former Bahraini insurance law. The function ofinsurance manager as a regulated activity has been introduced with Volume 3 of the Rulebook.Amended: October 2007IM-1.1.2
The CBB has introduced a regulatory regime aimed at
captive insurers — Module CI. In most cases,captive insurers sub-contract their day-to-day management to a professional management firm. The licensing ofinsurance managers will simplify the licensing requirements ofcaptive insurers , as the parties with whom thecaptive insurer may sub-contract its management will have been considered in detail by the CBB's licensing requirements.Amended: January 2007IM-1.1.3
In accordance with the CBB's definition, the activities of
insurance managers are not limited to acting on behalf ofcaptive insurers but may also relate to non-captive insurance firms, both conventional and takaful.Amended: January 2007
