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  • [ O ]

    • Officer

      A director, member of the Executive Management Committee or any Board Committee, Chief Executive, Head of Function or any other similar position within a firm, or a person purporting to act in that capacity.

    • Officially linked (currencies)

      A currency to which the exchange rate of a particular currency is fixed, or a third currency whose exchange rate is also fixed to that currency, where there are no exchange controls between the currencies.

    • Operational risk

      (as defined under Paragraph RM-6.1.3)

      Operational risk is the risk to the insurance licensee of loss resulting from inadequate or failed internal processes, people and systems, or from external events.

    • Original term

      (in respect of redeemable instruments including dated subordinated debt and redeemable preference shares) — the period of time between the date of issue and the earliest date that those instruments will mature or can be redeemed.

    • Outsourcing [outsource]

      The use of a person to provide customised services to a licensee other than by a director or employee of the licensee.

      Amended: April 2011

    • Outsourcing provider

      The person providing the customised services as described in the definition of "outsourcing".

    • Outsourcing risk

      Refers to the risks associated with outsourcing including the suitability or otherwise of the service provider, business continuity, reduced control over the activity and access to relevant information, and increased legal and client confidentiality risks.

    • Overseas (as in insurance firm, broker, etc) licensee

      Incorporated in a location outside the Kingdom of Bahrain (with a branch licensed in Bahrain) (see Paragraph AU-A.1.6).

    • Overseas insurance broker

      Insurance licensees that undertake the regulated insurance service of broking of insurance contracts, as defined in Paragraphs AU-1.4.9 to AU-1.4.14 that are incorporated in a location outside the Kingdom of Bahrain (with a branch licensed in Bahrain).

    • Overseas insurance licensee

      Insurance licensees that are incorporated in a location outside the Kingdom of Bahrain (with a branch licensed in Bahrain).