CBB Volume 3: Contents
BR-1.3 Group Financial Reporting
Group Insurance Firm Return
Group financial reporting is required for the following insurance firmsG :(a) Overseas insurance firmsG ; and(b) Bahraini insurance firmsG that are part of a group.Amended: January 2007
Captive insurers are exempt from submitting a Group Insurance Firm Return.
Group financial reporting is required in order for the CBB to better assess the financial condition of the group as a whole and the possible impact this may have on the operations of the Bahraini insurance firmG .Amended: January 2007
For those insurance firms referred to in Paragraph BR-1.3.1 that are required to submit an Insurance Firm Return they must prepare and submit to the CBB a Group Insurance Firm Return in respect of the ultimate parent undertakingG for each financial year.Amended: January 2007
The financial year for the purposes of Paragraph BR-1.3.4 must coincide with that of the ultimate parent undertakingG . In instances where the financial year end of the parent undertaking is other than 31 December, the insurance licensee must provide written notification to the CBB, within three months of 31 December detailing the financial year end of the parent undertaking.Amended: January 2007
For the purposes of this Chapter, the ultimate parent undertakingG means (in relation to an insurance firmG ) the highest parent insurance undertaking of the insurance firmG or the holding company whose predominant investment are shares of the insurance firm(s)G (wherever established) that is not itself the subsidiaryG of another undertaking.
The Group Insurance Firm Return must be submitted to the CBB within 6 months of the relevant parent undertaking'sG financial year end, using the prescribed form GIFR from Part B of Volume 3 (Insurance).Amended: January 2007
For purposes of Paragraph BR-1.3.7, the Group Insurance Firm Return must contain consolidated information extracted from the consolidated financial statements prepared in respect of the relevant parent undertakingG and its subsidiariesG as a whole, that carry on regulated insurance servicesG as defined in accordance with Section AU-1.4.Amended: October 2007
BR-1.3.9Amended: January 2007
BR-1.3.10Amended: January 2007
Amended: October 2007