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  • Disclosure of Conflicts of Interest

    • HC-10.2.6

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

      January 2011

    • HC-10.2.6A

      The chief executive/general manager of the Bahraini insurance consultants, Bahraini insurance managers, Bahraini insurance aggregators or Bahraini captive insurance firms should 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 occupying controlled functions within the insurance consultant, insurance manager, insurance aggregators or captive insurance firm.

      Amended: October 2019
      Amended: July 2016
      April 2016

    • HC-10.2.6B

      The chief executive/general manager of the overseas insurance managers or overseas captive insurance firms should 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-10.2.7

      The Board of the Bahraini insurance consultants, Bahraini insurance managers, Bahraini insurance aggregators or Bahraini captive insurance firms 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) Board of Director's approval of any direct or indirect personal interest of an approved person, in the contracts and actions in which the licensee is a party.
      Amended: October 2019
      Amended: July 2016
      January 2011