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    • Reference period

      (as defined under Paragraph CA-2.1.15)

      For the purposes of Paragraph CA-2.1.14 the reference period for all classes of business will be the three most recent financial years up to and including the current financial year.

    • Registered Actuary

      An actuary appointed in accordance with Article 74 of the CBB Law, is registered with the CBB and who is independent from an insurance licensee.

      Added: October 2007

    • Regulated

      Any activity the carrying on of which falls under the jurisdiction of the CBB, or would fall under the jurisdiction of the CBB if it were carried out in the Kingdom of Bahrain.

      Amended: July 2007

    • Regulated insurance services

      As defined under Section AU-1.4.

    • Reinsurance

      Risk transfer contracts where one of the parties is licensed as an insurance or reinsurance firm, that may be either (re)conventional (re)insurance or (re)takaful.

    • Related party transactions

      (as defined under Paragraph BR-2.3.26)

      A related party of an insurance firm includes:

      (a) A controller of the insurance firm as defined in Module GR;
      (b) A close link of the insurance firm as defined in Module GR;
      (c) An associate of a controller as defined in Module GR;
      (d) The extended family of a controller including a father, mother, father-in-law, mother-in-law, brother, sister, brother-in-law, sister-in-law, or grandparent;
      (e) A corporate entity, whether or not licensed or incorporated in Bahrain, where any of the persons identified in Sub-Paragraphs (c) and (d) is a director or would be considered a controller were the definition of controller set out in Paragraph GR-5.2.1 applied to that corporate entity.
      Amended: July 2007

    • Relative (up to first/second etc degree)

      A first-degree relative of a person is any of the following: that person's spouse (or spouse equivalent), children, step-children, siblings, half-siblings, step-siblings, parents or stepparents. A second-degree relative of a person is any first-degree relative of one of that person's first-degree relatives. A relative who is both a first-degree relative of a person and also a first-degree relative of a first-degree relative of that person is deemed to be a first-degree relative of that person. A relative up to the second degree means any first- or second-degree relative.

    • Relevant authorities

      For the purposes of Module FC, the authorities listed in Paragraph FC-4.3.2.

      Amended: October 2014
      October 2007

    • Relevant operating expenses

      As defined in AU-6.3.7.

      Added: July 2007

    • Remuneration

      Means all types of compensation including but not limited to salary, fee and non-cash benefits such as grants of stock, stock options or pension benefits.

    • Reporting Actuary

      An actuary registered with the BMA who is independent from an insurance licensee, and who is appointed and required to report annually in accordance with the reporting requirements as per Paragraph BR-1.1.22, for firms that are licensed for long term insurance business.

    • Representative office or Representative office licensee(s)

      A person who has been granted a license by the CBB to undertake regulated representative office services as defined in Section AU-1.3.

      Amended: April 2011

    • Required solvency margin

      The minimum permitted amount by which an insurance firm's assets exceed its liabilities.

    • Retakaful

      Risk transfer contract analogous to an insurance contract where one of the parties is an Islamic institution licensed as an insurance or reinsurance firm. It is known in some markets as 'Islamic insurance' or 'cooperative insurance'.

    • Retakaful firm

      An (re)insurance firm, licensed as such, that is an Islamic financial institution.