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  • IM-3.2 IM-3.2 Business Conduct

    • IM-3.2.1

      The Business Conduct Module comprises general rules (BC-1) and a Code of Practice (BC-2). These rules apply in full to insurance intermediaries. However, it should be noted that Module BC is principles-based.

      Rulebook Reference BC-A.1
      Amended: January 2007

    • IM-3.2.2

      The CBB expects the insurance manager to consider the requirements of the Code in relation to the service provided, on behalf of the captive or insurance firm, to its 'clients', namely insured members of the group.

      Rulebook Reference BC-B.1.4
      Amended: January 2007

    • IM-3.2.3

      Other than a client who is an unincorporated entity with a turnover exceeding BD 1 million per year, an insurance intermediary must draw the client's attention to the status of the insurance firm — whether or not the insurance firm is locally licensed (as a Bahraini insurance firm or overseas insurance firm) and, if not, the reasons for recommending or choosing that insurance firm. In respect of these clients, this advice must be delivered in writing.

      Rulebook Reference BC-2.6.4
      Amended: January 2007

    • IM-3.2.4

      Insurance intermediaries acting on behalf of customers in arranging their insurance must, on request, disclose the amount of commission payable to them from the insurance premium, and any other remuneration received for arranging the insurance contract.

      Rulebook Reference BC-2.6.6
      Amended: January 2007

    • IM-3.2.5

      Licensees must avoid conflicts of interest, or if conflicts are unavoidable, must explain the position fully and manage the situation so as to avoid prejudice to any party.

      Rulebook Reference BC-2.13

    • IM-3.2.6

      Licensees must have appropriate customer complaints handling procedures and systems for effective handling of complaints.

      Rulebook Reference BC-4
      Added: April 2012