Back Custom print Link Text Only Rich Text Print

  • BR-1.2A BR-1.2A Insurance Brokers – Insurance Broker Return

    • BR-1.2A.1

      Insurance brokers must prepare and submit to the CBB an Insurance Broker Return (Form IBR) for each financial year, within 2 months of the insurance broker's financial year end.

      Added: April 2012

    • BR-1.2A.2

      The first annual return (IBR) for insurance brokers is to be submitted to the CBB for the annual period ending 31st December 2012 (refer to ES-2.7.4).

      Added: April 2012

    • BR-1.2A.3

      The financial year of an insurance broker must be a 12-month period ending on 31 December, except where the licensee has obtained the written consent from the CBB for either the period or the period end to be other than 12 months and 31 December respectively. In any event, the financial year can never be less than a 6-month period or greater than an 18-month period.

      Added: April 2012

    • BR-1.2A.4

      Except in exceptional circumstances and subject to Paragraph BR-1.2A.3, an insurance broker's financial year, for the purposes of preparing the Insurance Broker Return, and the financial year for the purposes of preparing the shareholder accounts, must coincide.

      Added: April 2012

    • BR-1.2A.5

      For the purposes of Paragraph BR-1.2A.4, the CBB would usually accept that the financial year end of an overseas insurance broker would be the same as that of the company itself. The only times that the CBB would be likely to consider allowing an insurance broker to adopt a financial period of other than 12 months would be the year in which it is authorised (i.e. a period of less than 12 months) or when the company itself changes its reporting period for the purposes of its shareholder accounts.

      Added: April 2012

    • Content of the Insurance Broker Return

      • BR-1.2A.6

        Insurance Brokers must submit the Insurance Broker Return within two months of its financial year end, using the prescribed form IBR from Part B of Volume 3 (Insurance).

        Amended: October 2023
        Amended: February 2014
        Amended: April 2013
        Added: April 2012

      • BR-1.2A.7

        The content of the IBR required to be submitted by an insurance broker in accordance with Paragraph BR-1.2A.6 must be in the format prescribed by the CBB and completed in accordance with any instructions specified by the CBB.

        Added: April 2012

      • BR-1.2A.8

        The IBR must be completed by every insurance broker licensed in Bahrain, in the following manner:

        (a) In the case of an insurance broker incorporated in Bahrain, the IBR must be completed on an equity basis, detailing all investments in subsidiaries; or
        (b) In the case of an overseas insurance licensee, the IBR must be completed in respect of the activities carried out by the overseas insurance licensee in Bahrain.
        Added: April 2012

      • BR-1.2A.9

        The format of the IBR is included in Part B of the Rulebook as Form IBR.

        Added: April 2012

    • Valuation of Assets and Liabilities

      • BR-1.2A.10

        For the purposes of the IBR, the value or amount given for an asset or a liability of the insurance licensee must be the value or amount of that asset or a liability as determined in accordance with generally accepted accounting principles applicable in the Kingdom and in compliance with any requirements from the Ministry of Industry and Commerce, and where applicable, with CBB requirements.

        Added: April 2012

    • Directors' Certificate

      • BR-1.2A.11

        [This Paragraph was deleted in October 2023].

        Deleted: October 2023
        Added: April 2012

      • BR-1.2A.12

        [This Paragraph was deleted in October 2023].

        Deleted: October 2023
        Added: April 2012

      • BR-1.2A.13

        [This Paragraph was deleted in October 2023].

        Deleted: October 2023
        Added: April 2012

    • Audit and Auditor's Report

      • BR-1.2A.14

        The IBR of every insurance broker must be reviewed, in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements. The review must certify that the information provided in the IBR is in agreement with the books and records of the licensee and its audited financial statements.

        Added: April 2012

      • BR-1.2A.15

        The IBR must be reviewed by the licensee's external auditor, appointed in accordance with Module AA, or by other qualified persons as directed by the CBB.

        Added: April 2012

      • BR-1.2A.16

        The insurance licensee must provide to the CBB, within three months of the financial year end, an auditor's report, in the format prescribed by the CBB, stating the auditor's opinion on the matters identified in this Module.

        Added: April 2012

      • BR-1.2A.17

        The format of the Auditor's Report is included in Part B of the Rulebook as Appendix BR-(ii), as part of the Supplementary Information.

        Added: April 2012

    • Preparation and Deposit of the IBR

      • BR-1.2A.18

        Every IBR must be submitted to the CBB electronically within 2 months of the financial year end.

        Amended: October 2023
        Amended: October 2014
        Added: April 2012

      • BR-1.2A.19

        If the CBB notifies the insurance licensee that a document deposited under Paragraph BR-1.2A.18 appears to be inaccurate or incomplete, the insurance licensee must consider the matter and within one month of the CBB notification it must correct any inaccuracies and make good any omissions and submit the amended parts of the IBR.

        Added: April 2012

      • BR-1.2A.20

        The external auditor must consider the impact on his report of any amendment referred to in Paragraph BR-1.2A.19, and withdraw and correct his original report based on the revised information.

        Added: April 2012

      • BR-1.2A.21

        [This Paragraph was deleted in October 2023].

        Deleted: October 2023
        Added: April 2012

      • BR-1.2A.22

        [This Paragraph was deleted in October 2023].

        Deleted: October 2023
        Added: April 2012

    • Submission of Audited Financial Statements and Management Letter

      • BR-1.2A.23

        The audited financial statements submitted to the shareholders of the insurance licensee and the management letter issued by the external auditor must be submitted to the CBB no later than three months following the insurance broker's financial year end.

        Added: April 2012

    • Public Disclosure

      • BR-1.2A.24

        The IBR is not a public document and as such will not, unless otherwise provided in the CBB's Rulebook, be disclosed to third parties by the CBB without the insurance licensee's consent.

        Added: April 2012

      • BR-1.2A.25

        Whilst the IBR is not a public document, the CBB may from time to time publish aggregate information derived from IBR relating to the classes of licensees and the Bahrain insurance industry as a whole.

        Added: April 2012

      • BR-1.2A.26

        Whilst the IBR is not a public document, as per Paragraph BR-1.2A.24, insurance brokers are not prevented from providing complete copies (including all relevant certifications and reports) to third parties.

        Added: April 2012

    • Other Reporting Requirements

      • BR-1.2A.27

        The IBR Form also includes other reporting requirements found throughout Volume 3 (Insurance), including:

        (a) Directors' High-Level Control Certificate (HC-1.11.3); and
        (b) Report on close links (GR-6.2.1).
        Added: April 2012