Article (164)

Without prejudice to any greater penalty prescribed under the Penal Code or any other law a punishment of imprisonment and a fine of not less than Bahraini Dinars ten thousand (10,000) and no more than Bahraini Dinars fifty thousand (50,000), or either penalty shall be imposed upon:

1. Any official or employee of an insurance company dealt in the name of the company with an actuary expert, consultant, inspection and loss adjuster, insurance broker or insurance representative who is not registered in the registers stated in Article (74) of this law, while he was fully aware of such fact.
2. Any person who represents an insurance or reinsurance company without being registered on the Central Bank's register stated in Article (74) of this law.
3. Any Manager, Director, Auditor, actuary expert or any person entrusted with the management of an insurance company, who fails to take the necessary measures for the formation of reserve funds and to maintain the same according to the requirements of this law.