Appendix TC-1 Qualifications and Core Competencies
| Role | Core Competencies | How can competence be demonstrated? |
| Board Member/ Director | Board members should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Sufficient experience to demonstrate sound business decision-making;
(c) Good understanding of the industry; and
(d) Good understanding of the industry’s regulatory environment.
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Competence could be demonstrated by:
(a) A minimum experience of 7 years in business and/or government/quasi government of which at least 5 years at a senior management level; and
(b) An academic degree from a university at bachelor level or higher and/or a relevant professional qualification.
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| Chief Executive Officer or General Manager and their Deputies | The Chief Executive Officer or General Manager and their Deputies should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Strong understanding of Insurance business and the wider industry;
(c) Good understanding of the industry’s regulatory environment;
(d) Relevant experience and qualifications associated with such executive responsibilities; and
(e) The necessary professional and leadership capabilities which qualify him for this position.
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Competence could be demonstrated by:
(a) A minimum experience of 10 years in the insurance industry of which at least 5 years is at a senior management level in the insurance industry; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to insurance, accounting or finance and other relevant certification(s) specific to this role. Such professional qualifications may include but are not limited to:
(i) Advanced Diploma in Insurance (ACII), Chartered Insurance Institute (general and life insurance);
(ii) Advanced Diploma in Financial Planning, Chartered Institute of Insurance (life insurance);
(iii) Fellow, Life Management Institute (FLMI), Life Office Management Association (LOMA) (life insurance); and/or
(iv) Fellowship (F.I.I.I), Insurance Institute of India (I.I.I)(general and life insurance).
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| Chief Financial Officer/ Head of Finance | The Chief Financial Officer/ Head of Finance should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Good understanding of Insurance business and the wider industry;
(c) Strong understanding of the industry’s regulatory environment;
(d) The relevant experience and qualifications to fulfil his responsibilities; and
(e) Strong knowledge and understanding of international accounting standards and how they are applied in a business context, including IFRS.
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Competence could be demonstrated by:
(a) A minimum of 10 years of practical experience in a finance function of which at least 5 years within the insurance industry. Experience of external audit within the insurance industry will also be considered as part of the minimum experience requirements; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to accounting or finance and other relevant certification(s) specific to this role. Such professional qualifications may include but are not limited to:
(i) Affiliate, The Association of Chartered Certified Accountants (ACCA);
(ii) Certified Public Accountant (CPA), The Association of International Certified Professional Accountants (AICPA);
(iii) Associate Chartered Accountant (ACA), Institute of Chartered Accountants in England and Wales (ICAEW);
(iv) Chartered Financial Analyst (CFA); and/or
(v) Certified Islamic Professional Accountant (CIPA) from AAOIFI (For Takaful companies).
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| Compliance Officer | A Compliance Officer should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) An appropriate level of experience and standing to demonstrate suitable independence from other functions within the
(c) Good understanding of the industry; and
(d) Strong understanding of the industry’s applicable regulatory requirements.
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Competence could be demonstrated by:
(a) A minimum of 5 years of relevant experience in compliance in the insurance industry, financial institution or financial regulator;
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to accounting or finance and other relevant certification(s) specific to this role. Such professional qualifications may include but are not limited to:
(i) Certified Insurance Supervisor (CIS) qualification, Bahrain Institute of Banking and Finance (BIBF); and/or
(ii) International Diploma in Governance, Risk and Compliance, International Compliance Association (ICA).
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| Chief Risk Officer/ Head of Risk Management | The Chief Risk Officer/ Head of Risk Management should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) An appropriate level of experience and standing to demonstrate suitable independence from other functions within the
(c) Good understanding of insurance business and the wider industry;
(d) Good understanding of the industry’s regulatory environment; and
(e) The relevant experience and qualifications to fulfill his responsibilities.
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Competence could be demonstrated by:
(a) A minimum of 7 years of practical experience in a financial institution of which at least 5 years in a risk management position within the insurance industry; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to actuary, accounting or finance and other relevant certification(s) specific to this role. Such professional qualifications may include but are not limited to:
(i) Associate in Risk Management (ARM), The institutes;
(ii) International Diploma in Risk Management, Institute of Risk Management qualifications (IRM);
(iii) Financial Risk Manager (FRM), Global Association of Risk Professionals (GARP); and/or
(iv) Professional Risk Manager (PRM), Professional Risk Managers’ International Association (PRIMA).
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| Head of Internal Audit | The Head of Internal Audit should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) An appropriate level of experience and standing to demonstrate suitable independence from other functions within the
(c) Good understanding of insurance business and the wider industry;
(d) Good understanding of the industry’s regulatory environment;
(e) The relevant accounting and auditing experience and qualifications to fulfil his responsibilities; and
(f) A demonstrable knowledge and understanding of the Standards for the Professional Practice of Internal Audit.
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Competence could be demonstrated by:
(a) A minimum of 7 years of practical experience in a relevant role in financial institution. Experience of external audit within the insurance industry will also be considered as part of the minimum experience requirements; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to audit, accounting or finance and other relevant certification(s) specific to this role. Such professional qualifications may include but are not limited to:
(i) Certified Internal Auditor (CIA), Institute of Internal Auditors (IIA);
(ii) Affiliate, The Association of Chartered Certified Accountants (ACCA);
(iii) Certified Public Accountant (CPA),
(iv) The Association of International Certified Professional Accountants (AICPA);
(v) Associate Chartered Accountant (ACA), Institute of Chartered Accountants in England and Wales (ICAEW).
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| Internal Shari’a Reviewer | The Internal Shari’a Reviewer should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Have the relevant accounting and auditing experience and qualifications to fulfil his/her responsibilities; and
(c) Have appropriate level of knowledge in Shari’a rules and principles, AAOIFI Shari’a standards and Islamic finance.
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Competence could be demonstrated by:
(a) A minimum of 5 years of experience as an Internal Shari’a audit function with an
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) and other relevant certification(s) specific to this role. Such professional qualifications may include but are not limited to:
(i) Certified Islamic Professional Accountant (CIPA), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI);
(ii) BIBF Advanced Diploma in Islamic Commercial Jurisprudence (ADICJ);
(iii) BIBF Advanced Diploma in Islamic Finance (ADIF); and/or
(iv) Certified Shari’a Advisor & Auditor (CSAA), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
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| Head of Underwriting | The Head of Underwriting should have:
(a) A clear understanding of the role and responsibilities associated with this position; and
(b) Strong understanding of the licensee’s business and the broader industry; and
(c) Good understanding of the industry’s regulatory environment.
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Competence could be demonstrated by:
(a) A minimum of 7 years of practical experience in an underwriting or comparable function (underwriting/claims) within the insurance industry; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to underwriting and claims and other relevant certification(s) specific to this role. Such certifications may include but are not limited to Insurance Management Diploma, Bahrain Institute for Banking and Finance (BIBF) in combination with BIBF Professional Award for Certified Insurance Practitioner (BPACIP) and BIBF Professional Award for Specialist Insurance Practitioner (BPASIP).
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| Head of Claims | The Head of Claims should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Relevant claims management experience to ensure policyholder(s) receives fair and equitable settlement for their loss;
(c) Relevant experience in dealing with customers in a professional manner;
(d) Strong understanding of the licensee’s business and the broader industry; and
(e) Good understanding of the industry’s regulatory environment.
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Competence could be demonstrated by:
(a) A minimum of 7 years of practical experience in a claims management or comparable function (claims/underwriting) within the insurance industry; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to underwriting and claims and other relevant certification(s) specific to this role. Such certifications may include but are not limited to Insurance Management Diploma, Bahrain Institute for Banking and Finance (BIBF) in combination with BIBF Professional Award for Certified Insurance Practitioner (BPACIP) and BIBF Professional Award for Specialist Insurance Practitioner (BPASIP).
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| Head of Sales and Marketing/ Head of Business Development | The Head of Sales and Marketing/ Head of Business Development should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Relevant experience to provide suitable recommendation(s) and advise(s) to policyholders;
(c) Sufficient experience to exercise high standards of integrity and honesty by disclosing fully all relevant information to customers and effectively managing any conflict(s) of interest that rises;
(d) Strong understanding of the licensee’s business and the broader industry; and
(e) Good understanding of the industry’s regulatory environment.
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Competence could be demonstrated by:
(a) A minimum of 7 years of practical experience in a relevant role within the insurance industry; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) related to sales marketing and other relevant certification(s) specific to this role.
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| Heads of other Functions | Heads of other Functions should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Strong understanding of the licensee’s business and the broader industry;
(c) Good understanding of the industry’s regulatory environment; and
(d) The relevant experience and qualifications to fulfil their responsibilities.
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Competence could be demonstrated by:
(a) A minimum of 5 years of practical experience in a comparable function within the insurance industry; and
(b) An academic degree from a university at bachelor level or higher in addition to professional qualification(s) and other relevant certification(s) specific to this role.
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| Money Laundering Reporting Officer (MLRO)/ Deputy Money Laundering Reporting Officer (DMLRO) | The MLRO /DMLRO should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Understand the business of the
(c) Demonstrate independence from insurance staff who deal directly with customer; and
(d) A thorough knowledge of the financial industry and be familiar with relevant FATF and applicable domestic regulatory requirements.
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Competence could be demonstrated by:
(a) An MLRO/ DMLRO should have a minimum experience of 5 years in the financial services industry of which at least 3 years of experience in anti-money laundering or anti-money laundering related role.
(b) The MLRO/ DMLRO should have:
(i) A degree from a university at bachelor level or higher or a relevant professional qualification; and
(ii) Relevant certification(s) specific to this role. Such certifications may include but are not limited to:
1) Certified Anti-Money Laundering Specialist Examination, Association of Certified Anti-Money Laundering (ACAMS);
2) Diploma in Anti-Money Laundering, International Compliance Association (ICA);
3) International Diploma in Financial Crime Prevention, International Compliance Association (ICA); and/or
4) International Advanced Certificate in Compliance and Financial Crime, International Compliance Association (ICA).
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| Unit-linked investment adviser | A Unit-linked investment adviser should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Strong understanding of unit-linked products, capital markets, latest product offering, and working knowledge of the various insurance investment vehicles;
(c) Strong understanding of the licensee’s business and the broader industry; and
(d) Good understanding of the industry’s regulatory environment.
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Competence could be demonstrated by:
(a) A minimum experience of 3 years in a relevant role; and
(b) A minimum of a diploma level qualification from a university or above in investment/finance/ insurance or equivalent with the following minimum standard certification:
(i) Diploma in Regulated Financial Planning, Chartered Insurance Institute (CII); and
(ii) Associate (ALMI), Life Management Institute (LOMA).
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| Signing Actuary | A Signing Actuary should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) Strong understanding of the various actuarial techniques relevant to the classes of business undertaken by the licensee; and
(c) Strong understanding of the licensee’s business and the broader industry; and
(d) Good understanding of the industry’s regulatory environment.
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Competence could be demonstrated by:
(a) A minimum experience of 5 years in an actuarial role; and
(b) A professional qualification(s) related to actuary and other relevant certification(s) specific to this role. Such professional
(i) Fellow of Institute of Actuaries (FIA) or Fellow of Faculty of Actuaries (FFA), the Institute and Faculty of Actuaries; and
(ii) Fellow of Society of Actuaries (FSA), the Society of Actuaries.
(c) An active membership of Institute of the Faculty of Actuaries, UK; Society of Actuaries, USA; or other recognized equivalent actuarial institution.
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Added: October 2020