The CBB will only consider granting an exemption to a Rule in this Module, where the insurance firm concerned can demonstrate that it has equivalent systems and controls applied at the group or parent entity level, that achieve the same objective as the CBB requirement concerned. The purpose of such an exemption is to allow entity-wide or group-wide systems and requirements to be applied, where these achieve the same outcome: exemptions are therefore only likely to be given with respect to overseas insurance licensees, and possibly Bahraini licensees that are part of an overseas group. Because of their general nature, exemptions will not be considered with regards to the requirements contained in Chapter RM-1 (Risk Management Systems and Controls).
Amended: January 2007