AU-A.2.3
Past version: Effective from 01 Oct 2020 to 30 Jun 2023
To view other versions open the versions tab on the right
A list of recent changes made to this Module is provided below:
| Module Ref. | Change Date | Description of Changes |
| AU-1.1 | 01/07/05 | Corrections made to cross references. |
| AU-1.2 | 01/07/05 | Correction to typo and clarification to AU-1.2.4. |
| AU-1.4 | 01/07/05 | Clarified possible exclusion to regulated insurance services. |
| AU-5.1 | 01/07/05 | Clarified AU-5.1.2 and amended AU-5.1.8(e) to reflect that the cash deposit to be held with a commercial bank also applies to insurance brokers. |
| AU-5.2 | 01/07/05 | Correction made to cross reference. |
| AU-5.3 | 01/07/05 | Corrected reference to Form 4 (Application for Registration). |
| AU-1.1 | 01/10/05 | Clarified application of grandfathering provisions for composite companies. |
| AU-2.1 | 01/10/05 | Clarified legal status for E.C. companies and added the option for insurance manager to operate as a branch resident in Bahrain of a company incorporated in another jurisdiction. |
| AU-2.2 | 01/10/05 | Clarified guidance on mind and management for insurance licensees originally licensed as exempt companies. |
| AU-2.8 | 01/10/05 | Clarified the application of IFRS and AAOIFI standards. |
| AU-2.1 | 01/01/06 | Clarified legal status for EC companies that are insurance brokers and insurance consultants. |
| AU-2.1.6 | 01/04/06 | Guidance Paragraph deleted in October 2005. |
| AU-1.2.2 | 01/01/07 | Added Signing Actuary (where the Signing Actuary is an employee of the insurance firm) to the list of controlled functions for which an application for approved person must be submitted. |
| AU-A.1.13 | 01/2007 | New Rule introduced, categorising this Module as a Directive. |
| AU-1.1.24 | 01/2007 | Added Rule pertaining to suitability of applicants for authorisation. |
| AU-2.1.11 | 01/2007 | Corrected legal status requirements for insurance consultants. |
| AU-2.6.1A | 01/2007 | Added a Rule dealing with the segregation of staff responsibilities. |
| AU-5.1. | 01/2007 | Section amended to reflect new procedures reflecting CBB Law. |
| AU-5.4 | 01/2007 | Amended to reflect new CBB Law procedures. |
| AU-5.5 | 01/2007 | Amended to reflect new CBB Law procedures. |
| AU-6 | 01/2007 | New Chapter on Licensing and Registration Fees added. |
| AU-1.1.14 | 10/2007 | Pure reinsurers can undertake both |
| AU-1.2.3 and 1.2.4 | 10/2007 | Clarified the controlled functions for which CBB prior approval is required. |
| AU-2.5.4 | 10/2007 | Clarified that |
| AU-5.1.5 and 5.1.5A | 01/2008 | Clarified CBB's requirements for letters of comfort and/or letters of guarantee. |
| AU-5.1.13 | 01/2008 | Clarified CBB's requirements for items that must be in place within 6 months of a new license being issued. |
| AU-5.2.2 | 04/2008 | Clarified to whom Form 3 should be sent to if dealing with a request for an appointment of MLRO from an existing investment firm licensee. |
| AU-5.5.6 | 04/2008 | Outlined CBB's requirements in instances where a controlled function becomes vacant. |
| AU-6.3 | 04/2008 | Clarified the payment of annual fees for new insurance licensees and registered persons. |
| AU-5.2.5 | 07/2008 | Clarified that the refusal decision by the CBB to grant a person 'approved person' status is issued to the insurance licensee. |
| AU-5.2.6 | 07/2008 | Added cross reference. |
| AU-6.3 | 10/2008 | Introduced a minimum licensing fee for new applicants whose annual licensing fees may be prorated. |
| AU-2.1.8 | 04/2009 | Amended the legal status of insurance broker to no longer allow the establishment of new licensees as single person company. |
| AU-6.3.12 and 6.3.12A | 04/2009 | Clarified the rules regarding annual license fees to be paid by new licensees in relation to the first year in which the license has been granted. |
| AU-6.3.16 | 04/2009 | Deleted Paragraph waiving annual fees for insurance licensees in run-off and whose license has been restricted to servicing existing business. |
| AU-A.1, AU-B.2, AU-1.3A, AU-4, AU-5.3, AU-5.5 and AU-6.3 | 10/2009 | Added registration requirements for appointed representatives. |
| AU-A.1.13 | 10/2009 | Reference to Regulations added to Paragraph under Legal Basis. |
| AU-2.1.8 and AU-2.1.11 | 10/2009 | The legal status option for insurance brokers and insurance consultants to be established as a branch resident in Bahrain of a company incorporated in another jurisdiction has been deleted. |
| AU-1.4.16A | 04/2010 | Guidance provided on the definition of regulated services for insurance consultants. |
| AU-2.1.8 | 04/2010 | Clarified the legal status for insurance brokers. |
| AU-4.1.2A | 04/2010 | Added guidance on relevant loss adjusters associations used in evaluating expertise condition. |
| AU-5.2.1 | 04/2010 | Added requirement for licensees to verify accuracy of information contained in form 3 (Approved persons). |
| AU-5.2.2A and B | 04/2010 | Clarified requirements when submitting Form 3. |
| AU-5.2.7 and 5.2.8 | 04/2010 | Clarified notification requirements when applying for Approved person status. |
| AU-A.1.13 | 01/2011 | Clarified legal basis. |
| AU-5.1.5A | 01/2011 | Removed the reference to a letter of comfort that may be provided with an application for license. |
| AU-1.2.9A | 04/2011 | Clarified the position of Chairman and that of managing director. This Rule was moved from the former version of Module HC. |
| AU-1.2.11A | 04/2011 | Added a definition Paragraph for the compliance officer. |
| AU-A.1.10 | 10/2011 | Guidance Paragraph amended as Volume 5_Representative Offices was issued in December 2010. |
| AU-A.1.13 | 10/2011 | Legal basis updated to reflect all Articles of the CBB Law covered by this Module as well as applicable Resolutions. |
| AU-5.1.13 | 10/2011 | Clarified CBB's requirements for items that must be in place within 6 months of a new license being issued to be in line with other Volumes of the Rulebook. |
| AU-5.5 | 10/2011 | Clarified language on cancellation of a license to be in line with other Volumes of the CBB Rulebook. |
| AU-1.4.10 | 04/2012 | Reference added to appointed representatives. |
| AU-2.1.8 and AU-2.1.9 | 10/2012 | Clarified legal status for single person company and natural person. |
| AU-5.5.4A | 10/2012 | Corrected cross reference. |
| AU-A.1.13 | 01/2013 | Updated legal basis. |
| AU-B.1.1 | 01/2013 | Updated prohibition as per issuance of Resolution No.(16) for the year 2012. |
| AU-1.1 | 01/2013 | References added to requirements under Resolution No.(16) for the year 2012. |
| AU-6.3 | 07/2013 | Amended due date and collection process for annual license and registration fees. |
| AU-1.2 | 04/2014 | Approved persons requirement updated to reflect consultation undertaken on the enhanced operational and solvency framework. |
| AU-1.4.13 | 10/2014 | Amended the definition of exempt introducer. |
| AU-2.1.11 | 10/2014 | Aligned with Commercial Companies Law. |
| AU-A.1.13 | 07/2015 | Legal basis updated to reflect Resolution No (23) of 2015. |
| AU-5.2 | 07/2015 | Amended to be in line with Resolution No (23) of 2015 on Prior Approval Requirements for Approved Persons. |
| AU-1.2 | 01/2016 | Clarified general requirements for approved persons. |
| AU-3 | 01/2016 | Amended to be in line with Resolution No (23) of 2015 on Prior Approval Requirements for Approved Persons. |
| AU-4.2.2 | 01/2016 | Corrected cross reference. |
| AU-5.1.4 | 01/2016 | Paragraph deleted as no longer applicable. |
| AU-5.2 | 01/2016 | Minor amendments to be aligned with other Volumes of the Rulebook. |
| AU-5.6 | 07/2017 | Added new Section on Publication of the Decision to Grant, Cancel or Amend a License. |
| AU-A.1.10 | 04/2018 | Amended Paragraph. |
| AU-5.1.1 | 04/2018 | Amended Paragraph. |
| AU-5.1.12E | 04/2018 | Amended sub-paragraph. |
| AU-5.2.2 | 04/2018 | Amended Paragraph. |
| AU-5.3.1 | 04/2018 | Amended Paragraph. |
| AU-5.1.1 | 07/2019 | Amended Paragraph to remove references to hardcopy Form 1 submission to online submission. |
| AU-1.1.18A | 10/2019 | Added a new Paragraph on Insurance Aggregators. |
| AU-1.1.18B | 10/2019 | Added a new Paragraph on Insurance Aggregators. |
| AU-1.1.18C | 10/2019 | Added a new Paragraph on Insurance Aggregators. |
| AU-5.1.12I | 10/2019 | Changed from Rule to Guidance. |
| AU-5.1.12J | 10/2019 | Changed from Rule to Guidance. |
| AU-5.6.1 | 10/2019 | Changed from Rule to Guidance. |
| AU-1.2 | 10/2020 | Amended Section on Approved Persons. |
| AU-1.4.3A | 10/2020 | Added a new Paragraph on compliance with AAOIFI Standards. |