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  • IM-2.5 IM-2.5 General Requirements

    • IM-2.5.1

      Insurance intermediaries and insurance managers are expected to maintain books and records sufficient to produce financial statements and show a record of the business undertaken.

      Rulebook Reference GR-1.1

    • IM-2.5.2

      Where an insurance manager maintains the books and records of a captive insurer or another insurance firm, these records must be sufficient to allow an audit or an on-site examination by the CBB of the captive insurer or insurance firm.

      Rulebook Reference GR-1.1.4
      Amended: January 2007

    • IM-2.5.3

      An insurance broker must maintain separate client accounts separate from those used for its own funds.

      Rulebook Reference GR-1.2.9 to GR-1.2.12
      Amended: April 2012
      October 2007

    • IM-2.5.4

      Insurance intermediaries and insurance managers require prior approval from the CBB for their corporate name and any trade names.

      Rulebook Reference GR-2.1
      Amended: January 2007

    • IM-2.5.5

      Bahraini insurance intermediaries and Bahraini insurance managers require CBB pre-approval for the distribution of dividends to shareholders.

      Rulebook Reference GR-3.1
      Amended: January 2007

    • IM-2.5.6

      All requirements dealing with controllers apply in full to insurance intermediaries and insurance managers.

      Rulebook Reference GR-5

    • IM-2.5.7

      Requirements dealing with close links apply in full to insurance intermediaries and insurance managers. Annual reporting requirements of close links apply only to insurance firms and insurance brokers.

      Rulebook Reference GR-6
      Amended: April 2012

    • IM-2.5.8

      Insurance brokers are required to maintain a statutory cash deposit with a retail bank licensed to do business in Bahrain.

      Rulebook Reference GR-7.1.4
      Amended: January 2007
      Amended: October 2007

    • IM-2.5.9

      Insurance brokers and insurance consultants must maintain professional indemnity coverage in line with the requirements outlined in Chapter GR-10.

      Rulebook Reference GR-10