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AU-5.1.5

Unless otherwise directed by the CBB, the following documents must be provided in support of a Form 1:

(a) A duly completed Form 2 (Application for Authorisation of Controller) for each controllerG of the proposed licensee;
(b) A duly completed Form 3 (Application for Approved Person status), for each individual applying to undertake controlled functionsG , (as defined under Paragraph AU-1.2.2) of the proposed licensee;
(c) A comprehensive business plan for the application, addressing the matters described in Paragraph AU-5.1.6;
(d) For overseas companies, a copy of the company's current commercial registration or equivalent documentation;
(e) Where the applicant is a Bahraini company, a copy of the applicant's commercial registration certificate;
(f) Where the applicant is a corporate body, a certified copy of a Board resolution of the applicant, confirming its decision to seek a CBB insurance license;
(g) Details of the proposed licensee's close linksG , as specified under Chapter GR-6;
(h) In the case of applicants that are part of a regulated groupG , a letter of non-objection to the proposed license application from the applicant's home supervisorG , together with confirmation that the groupG is in good regulatory standing and is in compliance with applicable supervisory requirements, including those relating to capital and solvency requirements;
(i) In the case of branch applicants, a letter of non-objection to the proposed license application from the applicant's home supervisorG , together with confirmation that the applicant is in good regulatory standing and the company concerned is in compliance with applicable supervisory requirements, including those relating to capital and solvency requirements;
(j) In the case of branch applicants, copies of the audited financial statements of the applicant (head office) for the three years immediately prior to the date of application;
(k) In the case of applicants that are part of a groupG , copies of the audited financial statements of the applicant's groupG , for the three years immediately prior to the date of application.
(l) In the case of applicants not falling under either (j) or (k) above, copies of the audited financial statements of the applicant's major shareholderG , for the three years immediately prior to the date of application;
(m) In the case of applicants seeking to raise part of their capital through a private placement, a draft of the relevant private placement memorandum, together with a formal, independent legal opinion that the documents comply with all applicable capital markets laws and regulations;
(n) A draft copy of the applicant's memorandum and articles of association, addressing the matters described in Paragraph AU-5.1.8;
(o) [Subparagraph deleted in January 2008];
(p) [Subparagraph deleted in January 2008];
(q) For insurance firmsG and insurance brokersG , confirmation of the cash deposit required to be held with a retail bank (licensee) in Bahrain under Article 181 of the CBB Law (see Section GR-7.1); and
(r) [Subparagraph deleted in January 2008].
Amended: January 2011
Amended: January 2008
Amended: October 2007
Amended: July 2007
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