CBB Volume 3: Contents

Central Bank of Bahrain Volume 3—Insurance
Part A
High Level Standards
HC High-Level Controls
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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > HC High-Level Controls > HC-10 Insurance Consultants, Insurance Managers and Captive Insurance Firms > HC-10.2 Approved Persons Loyalty > Personal Accountability > HC-10.2.3
  • Personal Accountability

    • HC-10.2.2

      Each approved personG should understand that under the Company Law he is personally accountable to the insurance consultantsG , insurance managersG or captive insurance firmsG and the shareholders if he violates his legal duty of loyalty to the insurance consultantsG , insurance managersG or captive insurance firmsG , and that he can be personally sued by the insurance consultantsG , insurance managersG or captive insurance firmsG or the shareholders for such violations.

      January 2011

    • HC-10.2.3

      The duty of loyalty includes a duty not to use property of the insurance consultantsG , insurance managersG or captive insurance firmsG for his personal needs as though it was his own property, not to disclose confidential information of the insurance consultantsG , insurance managersG or captive insurance firmsG or use it for his personal profit, not to take business opportunities of the insurance consultantsG , insurance managersG or captive insurance firmsG for himself, not to compete in business with the insurance consultantsG , insurance managersG or captive insurance firmsG , and to serve the insurance consultantsG , insurance managersG or captive insurance firms'G interest in any transactions with the company in which he has a personal interest.

      January 2011

    • HC-10.2.4

      For purposes of Paragraph HC-10.2.3, an approved personG should be considered to have a "personal interest" in a transaction with the company if:

      (a) He himself;
      (b) A member of his family (i.e. spouse, father, mother, sons, daughters, brothers or sisters); or
      (c) Another company of which he is a director or controller,

      is a party to the transaction or has a material financial interest in the transaction. (Transactions and interests which are de minimis in value should not be included.)

      January 2011

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