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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > AU Authorisation > AU-1 Authorisation Requirements > AU-1.2 Approved Persons > General Requirement > AU-1.2.4
  • General Requirement

    • AU-1.2.1

      Insurance licenseesG must obtain the CBB's prior written approval for any person wishing to undertake a controlled functionG in an insurance licenseeG . The approval from the CBB must be obtained prior to their appointment, subject to the variations contained in Paragraph AU-1.2.3.

      Amended: January 2016
      Amended: July 2007

    • AU-1.2.2

      Controlled functionsG are those functions occupied by board members and persons in executive positions and include:

      (a) DirectorG (for Bahraini insurance licensee only);
      (b) Chief ExecutiveG or General ManagerG ;
      (c) Head of functionG ;
      (d) Head of risk management;
      (e) Compliance officer;
      (f) Money Laundering Reporting Officer;
      (g) Member of Shari'a Supervisory BoardG (where applicable);
      (h) Internal Shari'a reviewer (where applicable);
      (i) Unit-linked investment adviserG (where applicable); and
      (j) Signing ActuaryG (where the function is undertaken by a DirectorG or an employeeG of the insurance firmG ).
      Amended: January 2016
      Amended: April 2014
      Amended: October 2007
      Amended: July 2007

    • AU-1.2.3

      Controlled functionsG may be combined with any other functions, subject to the CBB's prior written approval and such combination must not result in any possible conflict of interest.

      Amended: April 2014
      Amended: October 2007
      Amended: July 2007

    • AU-1.2.4

      [This Paragraph was deleted in April 2014.]

      Deleted: April 2014
      Amended: October 2007
      Amended: July 2007

    • AU-1.2.5

      [This Paragraph was deleted in April 2014.]

      Deleted: April 2014

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