IA-2.4.1
Insurance aggregators must adhere to the following requirements with respect to their platform:
a) Insurance aggregators must disclose prominently on the home page or similar page of the relevant application that the prospective client's/visitor's particulars could be shared with insurance firms if the arrangements the insurance firms warrant such a disclosure
b) Insurance aggregator must provide an option to select multiple insurance firms by the visitor, to whom the proposal must be transmitted simultaneously;
c) Insurance aggregators must provide an option to select or choose between conventional insurance and Takaful products;
d) Insurance aggregators must not transmit the proposal containing data of a client to insurance firm(s) other than the one(s) preferred by the client. However, if the client shows interest in buying insurance but does not prefer any insurance firm, the insurance aggregator may transmit the proposal to several insurance firms in the same class of insurance business based on the need analysis of the client;
e) Ensure that the proposals and other data are transmitted to the insurance firms and others using secured data encryption technologies;
f) Disclose in all its correspondences with all stakeholders its name followed by "licensed as an Insurance Broker — Insurance Aggregator by the Central Bank of Bahrain".
October 2019
