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GR-4.2.4

The CBB will consider an application under Paragraph GR-4.1.1 if it is satisfied that:

(a) Any objections received to the application to transfer the business following its publication in the Official Gazette and in two daily newspapers in the Kingdom of Bahrain (one in Arabic and one in English) as required under Article 66(b) have been reviewed and resolved by the CBB;
(b) Except in so far as the CBB has otherwise directed, a copy of the notice that has been sent to every affected policyholderG and every other person who claims an interest in a policy included in the proposed transfer (and has given written notice of his claim to the transferor);
(c) Copies of a statement setting out particulars of the transfer, approved by the CBB, have been available for inspection at one or more places in Bahrain for at least 30 days, from the date of publication of the notice specified in GR-4.2.4(a); and
(d) Where the proposed transfer includes any contract of direct insurance and the risk is situated in a jurisdiction other than Bahrain, a statement setting out particulars of the transfer, approved by the CBB, has been available for inspection at one or more places in that jurisdiction for at least 30 days, starting with the date of publication of the notice specified in sub- Paragraph GR-4.2.4 (a).
Added: January 2007
 Versions
(1 Version)
 
Jul 1 2007 onwards
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