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IM-1.2.1

Past version: Effective from 19 Jul 2025 to 30 Jun 2007
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The following table lists the Modules of the BMA Insurance Rulebook and indicates those that apply to insurance brokers, insurance consultants and insurance managers. The remaining chapters of this guide will describe in more detail the principal requirements of each module of the regulations that apply to insurance intermediaries and insurance managers.

HIGH LEVEL STANDARDS

Module AU (Authorisation) Regulations dealing with the licensing requirements and conditions for providers of regulated insurance services. The sections dealing with the authorisation requirements, licensing conditions, approved persons conditions and information requirements and processes applicable to insurance intermediaries and insurance managers.
Module PB (Principles of Business) Principles that are applicable to all insurance licensees regulated in Bahrain; these apply in full to insurance intermediaries and insurance managers.
Module HC (High-level Controls) Regulations in respect of governance, systems and controls of licensees. These apply in full to insurance intermediaries and insurance managers.
Module AA (Auditors and Actuaries) Regulations on the appointment and functions of external auditors and actuaries of insurance licensees. Only those regulations dealing with auditors apply to insurance intermediaries and insurance managers.
Module GR (General Requirements) Regulations dealing with requirements covering other areas not included in other Modules. These include: books and records, corporate and trade names, dividends, portfolio transfers, controllers, close links, statutory deposits, suspension of business and professional indemnity coverage. Regulations dealing with portfolio transfers and suspension of business do not apply to insurance intermediaries and insurance managers. Statutory cash deposits are required for insurance brokers.


BUSINESS STANDARDS

Module CA (Capital Adequacy) Regulations governing minimum capital and solvency requirements and the valuation of assets and liabilities. Some of these regulations apply specifically to insurance intermediaries and insurance managers. Considering the nature of their business, the requirements for capital and solvency for insurance firms are far more detailed than for insurance intermediaries and insurance managers.
Module BC (Business Conduct) The Code of Business Conduct governs the sale of insurance and applies to all insurance licensees.
Module RM (Risk Management) Risk management standards applicable to licensees. Several of the requirements for risk management can be outsourced to insurance managers.
Module FC (Financial Crime) Regulations governing the monitoring and reporting of financial crime, including the prevention of money laundering and terrorism financing and insurance fraud.
Module TC (Training & Competency) Regulations will be developed in 2005/2006.


REPORTING REQUIREMENTS

Module BR (BMA Reporting) Requirements for reporting to the BMA. Annual reporting requirements apply to insurance intermediaries and insurance managers. Insurance intermediaries and insurance managers are exempted from group and quarterly reporting requirements.
Module PD (Public Disclosure) Module PD does not apply to insurance brokers, insurance consultants and insurance managers.


ENFORCEMENT AND REDRESS

Module EN (Enforcement) This Module outlines enforcement powers and processes that may be applied by the BMA and applies in full to all insurance licensees.
Module DP (Dispute Resolution) Regulations will be developed in 2005/2006.
Module CP (Compensation) Regulations will be developed in 2005/2006.