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  • CI-2.4 CI-2.4 Auditors and Actuaries

    • CI-2.4.1

      Captive insurance firms must have an annual external audit. Firms must obtain prior written approval from the CBB before appointing or re-appointing their auditor.

      Rulebook Reference AA-1.1.1
      Amended: January 2007
      Amended: October 2007

    • CI-2.4.2

      There are specific Rules and Guidance governing the duties and restrictions of external auditors.

      Rulebook Reference AA-1
      Amended: January 2007
      Amended: October 2007

    • CI-2.4.3

      All insurance firms — including captives — who conduct long-term insurance business must appoint an actuary that must provide an annual actuarial evaluation and report.

      Rulebook Reference AA-4.1
      Amended: January 2007
      Amended: October 2007

    • CI-2.4.4

      Insurance firms that undertake general insurance business only must consider the need for an annual actuarial evaluation and report, from an actuary, at least once every three-year period.

      Rulebook Reference AA-4.1
      Amended: October 2007

    • CI-2.4.4A

      Insurance firms can appoint a Registered Actuary or Signing Actuary to meet the CBB requirements.

      Rulebook Reference AA-4.2

    • CI-2.4.5

      The CBB maintains on its website a list of Registered Actuaries that can practise in the Kingdom of Bahrain. A Registered Actuary must be independent of the insurance firm for which he is providing an actuarial evaluation and report.

      Rulebook Reference AU-1.3 and AA-4.2
      Amended: January 2007
      Amended: October 2007

    • CI-2.4.6

      A Signing Actuary is a Director or employee of the licensee concerned; he occupies a controlled function, and is subject to CBB approval as per Section AU-1.2

      Rulebook Reference AA-4.2.11
      Added: October 2007