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  • CL-A.1 CL-A.1 Purpose

    • Executive Summary

      • CL-A.1.1

        This Module presents requirements that have to be met by insurance brokers with regards to holding client money for which they are responsible.

        Amended: July 2023
        April 2012

      • CL-A.1.2

        The Rules contained in this Module are aimed at ensuring proper protection of client money to minimise the risk of client money being used by insurance brokers and to prevent the commingling of client money with the insurance brokers' assets.

        Amended: July 2023
        April 2012

    • Legal Basis

      • CL-A.1.3

        This Module contains the Central Bank of Bahrain's ('CBB') Directive (as amended from time to time) on client money, with respect to insurance brokers, and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to insurance brokers.

        Amended: July 2023
        April 2012

      • CL-A.1.4

        For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.

        April 2012

    • Effective Date

      • CL-A.1.5

        All insurance brokers and where applicable, insurance firms, must comply with the requirements of this Module, effective 1st July 2012 (See ES-2.6AA2).

        Amended: July 2023
        April 2012