Glossary History

Change DateDescription of ChangesPage Amended
04/2005Initial Launch 
01/2007Added definition for ancillary services provider(s)1
01/2007Added definitions for Bahraini insurance broker(s), Bahraini insurance consultant(s), Bahraini insurance intermediaries and Bahraini insurance managers3
01/2007Page reformatted and definitions of Categories clarified5
01/2007Added definition for general insurance or general insurance business11
01/2007Added definition for global insurance broking activities11
01/2007Deleted reference to insurance law; added definition for insurance exchange operators14
01/2007Added reinsurance firm to the definition of insurance firm14
01/2007Added definition for insurance technical risk15
01/2007Amended reference to Net assets18
01/2007Added definition for overseas insurance licensee20
01/2007Deleted definition for portfolio transfer21
01/2007Amended the definition of reference period22
01/2007Added definition for relevant operating expenses23
01/2007Added definition for Representative Office(s)24
01/2007Added definition for Retakaful24
01/2007Added takaful or takaful firms to definitions26
10/2007Added definition for Registered Actuary22
10/2007Deleted definition for Reporting Actuary23
10/2007Amended definition for Signing Actuary25
10/2009Added definition for investigator15
10/2009Added definition for qualified by exception22
04/2010Added definition for Managing Director17
01/2011Amended definition of appointed expert(s)2
01/2011Amended definition for Chief Executive Officer5
01/2011Amended definition of Employee; added definition for Executive Director10
01/2011Added definition for Independent director13A
01/2011Amended definition for Non-executive director18
01/2011Amended the definition of outsourcing [outsource]19
01/2011Amended definition for qualified by exception22
01/2011Added definition for Remuneration24
01/2011Amended definition of representative office or representative office licensee(s)24
01/2011Added definition of senior manager/management24
01/2011Amended definition of shareholder(s)25
04/2011Amended definition of appointed expert(s)2
04/2011Amended definition of Employee; amended definition of Executive Director10
04/2011Corrected cross reference for definition of managing director17
04/2011Amended definition for qualified by exception22
04/2011Amended definition of representative office or representative office licensee(s)24
04/2011Amended definition of shareholder(s)25
10/2011Added definition for conflict of interest6
10/2011Clarified definition of independent director13A and 13B
10/2011Added definition for trilateral meeting27
01/2012Amended definition of independent director13B
04/2012Added definition for client money6
04/2012Added definition for client money account6
04/2012Added definition for fiduciary assets11
04/2012Added definition for fiduciary liabilities11
04/2012Added definition for licensee(s)15
01/2013Added definition for financial services11
04/2013Split the definitions for Takaful and Takaful firms26
04/2014Added definition for earmarked assets10
10/2014Corrected reference for the definition of exempt introducer10
10/2014Corrected reference for the definition of relevant authorities23
10/2015Amended definition of family11
07/2016Amended definition of Politically Exposed Persons ('PEPs')21
10/2017Added definition for Beneficiary3A
10/2019Added definition of Insurance Aggregators13B
10/2019Added definition for 'without delay'.28
07/2020Amended definition of ‘independent director’13A
07/2020Deleted definition of “independent non-executive director’13B
10/2020Added point (f) to definition of ‘independent director’.13A
06/2025Added definition of Beneficial Owner.3A
06/2025Amended definition of Politically Exposed Persons (PEPs).21