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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > AU Authorisation > AU-1 Authorisation Requirements > AU-1.4 Definition of Regulated Insurance Services > The Offering of Insurance Advice (Insurance Consultants) > AU-1.4.16
  • The Offering of Insurance Advice (Insurance Consultants)

    • AU-1.4.16

      The offering of insurance advice means advising on insurance to third parties, without also acting as agent or making arrangements with a view to another personG buying insurance.

      Amended: October 2007

    • AU-1.4.16A

      For purposes of Paragraph AU-1.4.16, should the insurance consultantG receive a fee for his services as agent from the party that provides the insurance or reinsurance to the third party, such services will be considered as broking of insurance and will be covered under Paragraph AU-1.4.10.

      Added: April 2010

    • AU-1.4.17

      In Paragraph AU-1.4.16, 'advising on insurance' means giving advice to a personG in his capacity as a policyholderG or potential policyholderG (or in his capacity as agent for a policyholderG or potential policyholderG ), on the merits of entering into a contract of insurance whether as principal or agent.

      Amended: July 2007
      Amended: October 2007

    • AU-1.4.18

      A personG does not give advice in relation to an insurance contract by giving advice in any newspaper, journal, magazine, broadcast services or similar service in any medium if the principal purpose of the publication or service, taken as a whole, is neither:

      (a) That of giving advice of the kind mentioned in Paragraph AU-1.4.16; nor
      (b) That of leading or enabling persons to buy insurance.
      Amended: July 2007
      Amended: October 2007

    • AU-1.4.19

      Advice given by professionals may not constitute the activity of advising on insurance, even if the matter relates to insurance, providing it satisfies the general exclusion specified in Paragraph AU-1.4.5. These may include circumstances such as lawyers providing legal advice on the interpretation of insurance contracts; business consultancy advice on the establishment of a new business, which may include, in general terms, discussion of the classes of insurance that the business may need; and the interpretation of insurance contracts by loss adjustersG .

      Amended: July 2007

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