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  • HC-2.4 HC-2.4 Disclosure of Conflicts of Interest

    • HC-2.4.1

      On an annual basis, each approved person must inform the entire Board of conflicts of interest as they arise. Board members must abstain from voting on the matter in accordance with the relevant provisions of the Company Law. This disclosure must include all material facts in the case of a contract or transaction involving the approved person. The approved persons must understand that any approval of a conflicted transaction is effective only if all material facts are known to the authorising persons and the conflicted person did not participate in the decision.

      Amended: January 2013
      January 2011

    • HC-2.4.1A

      The chief executive/general manager of the Bahraini insurance licensee must disclose to the board of directors on an annual basis those individuals who are occupying controlled functions and who are relatives of any approved persons within the Bahraini insurance licensee.

      Amended: July 2016
      April 2016

    • HC-2.4.1B

      The chief executive/general manager of the overseas insurance licensees must disclose to a designated officer at its head office or regional manager on an annual basis those individuals who are occupying controlled functions and who are relatives of any approved persons within the overseas insurance licensee.

      Added: July 2016

    • HC-2.4.2

      The Board of the Bahraini insurance licensee should establish formal procedures for:

      (a) Periodic disclosure and updating of information by each approved person on his actual and potential conflicts of interest; and
      (b) Advance approval by directors or shareholders who do not have an interest in the transactions in which an insurance licensee's approved person has a personal interest. The Board should require such advance approval in every case.
      Amended: July 2016
      January 2011