Back Custom print Link Text Only Rich Text Print

  • TA-2.5 TA-2.5 General Requirements

    • TA-2.5.1

      All insurance licensees 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

    • TA-2.5.2

      All insurance licensees must keep customer and transaction records in accordance with the requirement outlined in Section GR-1.2. Insurance licensees must also keep other records as required per Section GR-1.3.

      Rulebook Reference GR-1.2
      GR-1.3
      Amended: January 2007
      Amended: October 2007

    • TA-2.5.3

      Insurance licensees, other than captive insurers, must seek prior approval from the CBB for their corporate name and any trade names, and those of their subsidiaries located in Bahrain.

      Rulebook Reference GR-2.1
      Amended: January 2007
      Amended: October 2007

    • TA-2.5.4

      All Bahraini insurance licensees require CBB pre-approval for the distribution of dividends to shareholders.

      Rulebook Reference GR-3.1
      Amended: January 2007

    • TA-2.5.5

      An insurance firm must seek prior written approval from the CBB before executing a business transfer.

      Rulebook Reference GR-4.1
      Amended: January 2007
      Amended: October 2007

    • TA-2.5.6

      Insurance licensees must obtain prior approval from the CBB for any of the following changes to its controllers (as defined in Section GR-5.2):

      (a) A new controller;
      (b) An existing controller increasing its holding from below 20% to above 20%;
      (c) An existing controller increasing its holding from below 50% to above 50%; and
      (d) An existing controller reducing its holding from above 50% to below 50%.
      Rulebook Reference GR-5.1
      Amended: January 2007

    • TA-2.5.7

      All requirements dealing with close links apply in full to all insurance firms.

      Rulebook Reference GR-6

    • TA-2.5.8

      Insurance firms are required to maintain statutory deposits as per Article 181 of the CBB Law.

      Rulebook Reference GR-7.1
      Amended: January 2007

    • TA-2.5.9

      In accordance with the Bahrain Commercial Companies Law, insurance licensees are required to set aside a proportion of their annual profits, being no less than 10 per cent as a compulsory reserve until the total of such compulsory reserve, equals 50 per cent of the paid-up capital.

      Rulebook Reference GR-7.2
      Amended: January 2007

    • TA-2.5.10

      An insurance firm wishing to suspend its operations and liquidate its business must notify the CBB in writing, setting out whether it proposes to affect a transfer of its portfolio or go into run-off.

      Rulebook Reference GR-8
      Amended: January 2007