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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > AU Authorisation > AU-A Introduction > AU-A.1 Purpose > Executive Summary > AU-A.1.2
  • Executive Summary

    • AU-A.1.1

      The Authorisation Module sets out the Central Bank of Bahrain's (CBB) approach to licensing providers of regulated insurance servicesG in the Kingdom of Bahrain. It also sets out CBB requirements for approving persons undertaking key functions in those providers. Finally, it sets out requirements for registering certain support services (actuariesG , loss adjustersG and appointed representativesG ).

      Amended: October 2011
      Amended: October 2009
      Amended: July 2007

    • AU-A.1.2 [Deleted]

      Deleted July 2007

    • AU-A.1.2

      Persons who provide any of the following regulated insurance servicesG within or from the Kingdom of Bahrain require a license:

      (a) The carrying on of insurance business;
      (b) The broking of insurance contracts;
      (c) The offering of advice to third parties regarding individual insurance requirements and products;
      (d) The provision of insurance management services (such as captive managers); and
      (e) The operating of a recognised insurance exchange.
      Amended: July 2007

    • AU-A.1.3

      The categories of regulated insurance servicesG listed in AU-A.1.2 in turn determine the license category of the provider. The requirements in Volume 3 (Insurance) are tailored in certain respects, according to the license category concerned, in order to address the specific features and risks associated with each type of regulated insurance servicesG .

      Amended: July 2007

    • AU-A.1.4

      For the purposes of Volume 3 (Insurance), providers licensed to undertake activities falling under AU-A.1.2 (a) are categorised as 'insurance firmsG '; those under (b), as 'insurance brokersG '; those under (c), as 'insurance consultantsG '; those under (d), as 'insurance managersG '; and those under (e), as 'insurance exchange operatorsG '. A provider of regulated insurance servicesG can only hold one of the above license categories; different categories may not be combined.

      Amended: July 2007

    • AU-A.1.5

      Collectively, licensed providers of regulated insurance servicesG are called insurance licenseesG . Bahrain-incorporated insurance licenseesG are called Bahraini insurance licenseesG . Insurance licenseesG that are incorporated in an overseas jurisdiction and operate via a branch presence in the Kingdom of Bahrain are called overseas insurance licenseesG . The same naming convention applies to the various categories of license holders: for example, Bahraini insurance brokersG are incorporated in Bahrain and overseas insurance brokersG operate via a branch presence.

      Amended: July 2007

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