Back Custom print Link Text Only Rich Text Print

  • TA-2.4 TA-2.4 Auditors and Actuaries

    • TA-2.4.1

      All insurance firms must have an annual external audit. Firms must obtain prior written approval from the CBB before appointing or re-appointing their auditor.

      Rulebook Reference AA-1.1.1
      Amended: January 2007
      Amended: October 2007

    • TA-2.4.2

      There are specific Rules and Guidance governing the duties and restrictions of external auditors.

      Rulebook Reference AA-1
      Amended: January 2007
      Amended: October 2007

    • TA-2.4.3

      All insurance firms that conduct long-term insurance business (family takaful)must appoint an actuary that must provide an annual financial condition report (FCR).

      Rulebook Reference AA-4.1
      Amended: April 2014
      Amended: January 2007
      Amended: October 2007

    • TA-2.4.4

      Insurance firms that undertake general takaful business must commission an actuarial opinion from an actuary, every two years.

      Rulebook Reference AA-4.1
      Amended: April 2014
      Amended: October 2007

    • TA-2.4.4A

      Insurance firms can appoint a Registered Actuary or Signing Actuary to meet the CBB requirements.

      Rulebook Reference AA-4.2
      Adopted: October 2007

    • TA-2.4.5

      The CBB maintains on its website a list of Registered Actuaries that can practise in the Kingdom of Bahrain. A Registered Actuary must be independent of the insurance firm for which he is providing an actuarial evaluation and report.

      Rulebook Reference AU-1.3 and
      AA-4.2
      Amended: January 2007
      Amended: October 2007

    • TA-2.4.6

      A Signing Actuary is a Director or employee of the licensee concerned; he occupies a controlled function, and is subject to CBB approval as per Section AU-1.2.

      Rulebook Reference AA-4.2.11
      Adopted: October 2007