General insurance business amount

The value of the insurance firm's assets (other than long-term insurance business assets) and excluding reinsurance recoveries as determined in accordance with the Valuation of Assets Rules.

General insurance or general insurance business

Any insurance that does not fall under the definition of long-term insurance business.

General Manager

The General Manager (of a firm whether incorporated in Bahrain or not) means a person who (regardless of actual title) is responsible, alone or jointly, for the conduct of the whole of the firm, or in the case of an overseas licensee, for all the activities of the branch. Equivalent to Chief Executive in the case of firms incorporated in Bahrain.

Global insurance broking activities

(as defined under Paragraph CA-1.3.3)

Refers to annual income of a Bahrain incorporated brokerage firm including any income being generated by any of the firm's brokerage subsidiaries and/or branches operating in other jurisdictions.

GPR

See gross premiums receivable

Gross claims incurred (GCI)

In relation to an insurance firm and a financial year means outstanding claims at the end of the year plus claims paid during the year less outstanding claims at the beginning of the year in each case without deduction for the claim amounts payable by the reinsurers as their share.

Gross premiums receivable (GPR)

In relation to general insurance business and a financial year means premiums receivable (including premiums receivable by the company under contracts of reinsurance) as recorded in the books of the company in respect of contracts commencing in that year after deduction of discounts, refunds and rebates of premium but before deduction of premiums for reinsurance ceded and before deduction of commission payable by the company. In terms of long term insurance business, gross premiums receivable are single premiums, recurrent single premiums and annualised amount of premiums payable at regular intervals during the policy year before deduction of amounts of premiums for reinsurance ceded and before deduction of commission payable by the company.

Gross written premium (or Gross premium written)

The amount shown as such in the firm's profit and loss account.

Group

A holding company or enterprise and its subsidiaries. That company or enterprise and each of the subsidiaries being a member of the Group.