For the purposes of this Module, the following terms will apply:
Insurance Broker
As per Paragraph AU-1.4.10, the broking of insurance contracts means:
(a) Acting as an agent for another person in relation to the buying of insurance for that other person;
(b) Making arrangements with a view to another person, whether as principal or agent, buying insurance; or
(c) Advising on insurance.
Insurance Consultant
As per Paragraph AU-1.4.16, the offering of insurance advice (insurance consultant) means advising on insurance to third parties, without also acting as agent or making arrangements with a view to another person buying insurance.
Insurance Manager
As per Paragraph AU-1.4.20, the provision of insurance management services means the provision of management services to, or the exercising of managerial functions on behalf of, an insurance firm. An insurance manager is appointed by an insurance firm and is licensed in Bahrain to perform, under a contract of service, any managerial functions that are performed, or authority exercised, by a person who is not a Director nor an employee of the insurance firm, acting on the express or implied authority of its Board and/or General Manager. 'Managerial functions' include, but are not limited to, the effecting of contracts of insurance and the issuing of instructions for the settlement of claims.
Insurance Intermediary
For purposes of this Module, the term insurance intermediary refers to insurance brokers and insurance consultants.
Amended: January 2007
Amended: October 2007
