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    • Bahrain required solvency margin

      An overseas insurance firm's margin of solvency computed by reference to the assets and liabilities of the business carried on by that insurer from a branch in Bahrain (see Paragraph CA-2.1.2).

    • Bahraini insurance broker

      A Bahraini insurance licensee, that is authorised by the CBB to undertake the activity of broking of insurance contracts (see Rule AU-1.4.10).

    • Bahraini insurance consultant

      A Bahraini insurance licensee, that is authorised by the CBB to undertake the activity of offering insurance advice (see Rule AU-1.4.16).

    • Bahraini insurance intermediaries

      Bahraini insurance brokers and Bahraini insurance consultants.

    • Bahraini insurance firm

      An insurance firm incorporated in Bahrain (see Paragraph AU-A.1.5).

    • Bahraini insurance licensee

      An insurance licensee incorporated in Bahrain (see Paragraph AU-A.1.5).

    • Bahraini insurance manager

      A Bahraini insurance licensee, that is authorised by the CBB to undertake the activity of providing insurance management services (see Rule AU-1.4.20).

    • Beneficial Owner

      (a) In the context of legal persons, beneficial owner refers to the natural person(s) who ultimately owns or controls a customer, and/or the natural person on whose behalf a transaction is being conducted. It also includes those natural persons who exercise ultimate effective control over a legal person. Only a natural person can be an ultimate beneficial owner, and more than one natural person can be the ultimate beneficial owner of a given legal person.
      (b) In the context of legal arrangements, beneficial owner includes: (i) the settlor(s); (ii) the trustee(s); (iii) the protector(s) (if any); (iv) each beneficiary, or where applicable, the class of beneficiaries and objects of a power; and (v) any other natural person(s) exercising ultimate effective control over the arrangement. In the case of a legal arrangement similar to an express trust, beneficial owner refers to the natural person(s) holding an equivalent position to those referred above. When the trustee and any other party to the legal arrangement is a legal person, the beneficial owner of that legal person should be identified.
      (c) Reference to “ultimately owns or controls” and “ultimate effective control” refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control.
      (d) Reference to “ultimate effective control” over trusts or similar legal arrangements includes situations in which ownership/control is exercised through a chain of ownership/control.
      (e) This definition should also apply to beneficial owner of a beneficiary under a life or other investment linked insurance policy.
      Added: June 2025

    • Beneficiary

      In the context of life insurance or another investment linked insurance policy, a beneficiary is the natural or legal person, or a legal arrangement, or category of persons, who will be paid the policy proceeds when/if an insured event occurs, which is covered by the policy.

    • Book value

      The amount of an asset or liability as recorded in the books and records maintained by an insurer for the purposes of preparing its annual financial statements.

    • Branch(es)

      A place of business which is a part of a firm and which has no separate legal personality.

      Amended: October 2007