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  • TA-2.1 TA-2.1 Authorisation

    • TA-2.1.1

      An entity in Bahrain must be authorised if it wishes to conduct regulated insurance services, including effecting insurance contracts, the broking of insurance contracts, the offering of advice to third parties and the provision of insurance management services. Insurance firms must restrict their business to insurance under their memorandum and articles of association.

      Rulebook Reference AU-A.1.3

    • TA-2.1.2

      An insurance firm's license will state the classes of insurance that the firm is authorised to conduct. An insurance firm, except for captive insurers, cannot undertake both general insurance and long-term insurance business. Insurance firms must operate on either conventional insurance principles or on takaful principles; they cannot combine the two.

      Rulebook Reference AU-A.1.1.14
      Amended: January 2007
      Amended: October 2007

    • TA-2.1.3

      All persons wishing to undertake a controlled function in an insurance licensee must be approved by the CBB prior to their appointment. Membership of a Shari'a Supervisory Board is a controlled function and requires CBB approval.

      Rulebook Reference AU-A.1.2
      Amended: January 2007

    • TA-2.1.4

      A captive insurer may also be licensed either as a takaful firm in which case it will appoint a Shari'a Supervisory Board and will operate in accordance with the principles of the Shari'a.

      Amended: January 2007