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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > HC High-Level Controls > HC-8 Corporate Governance Disclosure > HC-8.2 Disclosure under the Company Law and CBB Requirements > HC-8.2.1
  • HC-8.2 Disclosure under the Company Law and CBB Requirements

    • HC-8.2.1

      The requirements in this Section do not apply to captive insurance firmsG , but should be considered as guidance.

      Amended: October 2014
      January 2011

    • HC-8.2.2

      The Board must oversee the process of disclosure, including corporate governance, to all stakeholdersG . The Board must ensure that the licensee's communications are fair, transparent, comprehensive and timely.

      January 2011

    • HC-8.2.3

      In each insurance licenseeG :

      (a) The Board must adopt written corporate governance guidelines covering the matters stated in Module HC and other corporate governance matters deemed appropriate by the Board. Such guidelines must include or refer to the principles and rules of Module HC;
      (b) The insurance licenseeG must publish the guidelines on its website, if it has a website (see HC-7.2.4);
      (c) At each annual shareholders' meeting the Board must report on the insurance licensee'sG compliance with its guidelines and Module HC, and explain the extent if any to which it has varied them or believes that any variance or noncompliance was justified; and
      (d) At each annual shareholders' meeting the Board must also report on further items listed in Appendix D. Such information should be maintained on the insurance licensee'sG website or held at the insurance licensee'sG premises on behalf of the shareholders.
      January 2011

    • HC-8.2.4

      The CBB may issue a template as a guide for an insurance licensee'sG annual meeting corporate governance discussion.

      January 2011

    • HC-8.2.5

      The Board must outline in its annual report its criteria and materiality thresholds for the definition of 'independence'. The DirectorsG must be identified in the annual report as executive, non-executiveG , or independent non-executiveG .

      January 2011

    • HC-8.2.6

      Licensees should refer to Module PD (Public Disclosure) regarding all specific disclosures required.

      January 2011

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