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    • Inadmissible asset

      An asset that may not be taken into account for the purposes of the solvency requirements in the capital adequacy rules.

    • Independent director

      Determination by the Board. Under Module HC an 'independent director' is a director whom the board has specifically determined has no material relationship which could affect his independence of judgment, taking into account all known facts. The board should consider that, although a particular director meets the formal requirements, he may not be independent owing to specific circumstances of the person or the insurance licensee, ownership structure of the insurance licensee, or for any other reason. The board's determination should be a good faith finding after diligent review and full discussion.

      Formal Requirements. 'Independent director' means a director of the insurance licensee who, or whose family shareholders either separately or together with him or each other, does not have any material pecuniary relationships or transactions with the insurance licensee (not counting director's remuneration for this purpose) and in particular who, during the one year preceding the time in question met all the following conditions:

      (a) Was not an employee of the company;
      (b) Did not:
      (i) Make to, or receive from, the insurance licensee payments of more than 31,000 BD or equivalent (not counting director's remuneration);
      (ii) Own more than a 10% share or other ownership interest, directly or indirectly, in an entity that made to or received from the insurance licensee payments of more than such amount;
      (iii) Act as a general partner, manager, director or officer of a partnership or company that made to or received from the insurance licensee payments of more than such amount;
      (iv) Have any significant contractual or business relationship with the insurance licensee which could be seen to materially interfere with the person's capacity to act in an independent manner,
      (c) Did not own directly or indirectly (including for this purpose ownership by any family member or related person) 5% or more of the shares of any type or class of the insurance licensee;
      (d) Was not engaged directly or indirectly as an auditor or professional advisor for the insurance licensee;
      (e) Was not an associate of a Director or a member of senior management of the insurance licensee; and
      (f) Was not an associate of a Director, member of senior management or board member of the insurance licensee’s controller.

      For purposes of this definition, the 'payments' referred to in paragraph (b)(i), (b)(ii) and (b)(iii) do not include monies received from dividends; reference to such payments only applies to contractual payments for services rendered to the licensee by the director or company concerned, or paid (or payable) by the concerned director or company to the licensee for services provided by the licensee.

      Dividends are to be considered under item (b)(iv) of the definition.

      For the purpose of the definition of "independent director":

      (a) Where the term "family" or "family member or related persons" is used reference is made to: spouse, father, mother, son(s) or daughter(s); and
      (b) Where the term "associate" is used reference is made to:
      (i) Spouse, father, mother, son(s) or daughter(s); or
      (ii) A person who is an employee or partner.
      Amended: October 2020
      Amended: July 2020
      Amended: January 2012
      Added: October 2011

    • Independent non-executive director

      (This definition was deleted in July 2020).

      Deleted: July 2020

    • Independent qualified valuer

      A person holding a generally recognized professional qualification in valuing properties and having experience in valuing properties in the location and category of the property which is the subject of the valuation, and who is not employed by the insurance firm whose property is the subject of the valuation or by any of the associated companies of the insurance firm.

    • Individual

      A natural person.

    • Insurance Aggregator

      Insurance aggregator is defined as an insurance intermediary with an insurance broker's license who operates an online platform, whether hosted on an Internet website or available as a smart device application, which provides price comparisons and facilitates the purchase of insurance on behalf of insurance companies.

      Added: October 2019

    • Insurance broker

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

    • Insurance business

      The business of effecting or carrying out contracts of insurance

    • Insurance business amount

      (as defined under Paragraph CA-4.2.34)

      For the purposes of Section CA-4.2, "insurance business amount" means "general insurance business amount" or "long term insurance business amount" as follows: (a) in terms of general insurance business, the general insurance business amount is the value of the insurance firm's assets (other than long-term insurance business assets) and excluding reinsurance recoveries as determined in accordance with Chapter CA-4; and (b) in terms of long term insurance business, the long term insurance business amount is the value of the insurance firm's assets (other than those relating to general insurance business) and excluding reinsurance recoveries and assets required to match property-linked liabilities in accordance with Chapter CA-4.

    • Insurance consultant

      Defined as insurance licensees who undertake the regulated insurance service of the offering of insurance advice to third parties, as defined under Paragraphs AU-1.4.15 to AU-1.4.18.

    • Insurance exchange operators

      Defined as insurance licensees who undertake the regulated insurance service of operating an insurance exchange, as defined in AU-1.4.24 and AU-1.4.25.

    • Insurance law 1987 or Insurance legislation 1987

      Legislative Decree No. 17, 1987.

    • Insurance firm or reinsurance firm

      An insurance licensee who undertakes the regulated insurance service of carrying on insurance business, as defined in Paragraphs AU-1.4.7 to AU-1.4.9.

    • Insurance Intermediary

      For purposes of Module IM, the term insurance intermediary refers to insurance brokers and insurance consultants.

    • Insurance licensee

      An insurance firm, insurance broker, insurance consultant, insurance manager or an insurance exchange operator who has been granted a licence by the BMA to undertake regulated insurance services as defined in Section AU-1.4.

    • Insurance manager

      Defined as insurance licensees who provide management services to, or exercise the managerial functions on behalf of an insurance firm, as defined in Paragraphs AU-1.4.20 to AU-1.4.22.

    • Insurance technical risk

      (as defined under Paragraph RM-5.1.3)

      Insurance technical risk is the normal trading risk, arising out of contracts of insurance, that the insurance licensee is exposed to in its day-to-day operations, and includes the technical and actuarial bases of calculation for premiums and technical provisions in both long-term and general insurance.

    • Investigator

      An Investigator is a person appointed by the CBB under the authority of Article 121 of the CBB Law to carry out an investigation of the business of licensee or listed company.

      Added: October 2009

    • Investment grade security

      A security with a credit rating of BBB/Baa or above as assigned by S & P or Moody's.