BackText onlyPrint

You need the Flash plugin.

Download Macromedia Flash Player



Location: Central Bank of Bahrain Volume 3—Insurance > Part A > Reporting Requirements > BR CBB Reporting > BR-1 Prudential Reporting > BR-1.2A Insurance Brokers – Insurance Broker Return
  • BR-1.2A Insurance Brokers – Insurance Broker Return

    • BR-1.2A.1

      Insurance brokersG must prepare and submit to the CBB an Insurance Broker Return (Form IBR) for each financial year, within 2 months of the insurance broker'sG financial year end.

      Added: April 2012

    • BR-1.2A.2

      The first annual return (IBR) for insurance brokersG is to be submitted to the CBB for the annual period ending 31st December 2012 (refer to ES-2.7.4).

      Added: April 2012

    • BR-1.2A.3

      The financial year of an insurance brokerG must be a 12-month period ending on 31 December, except where the licensee has obtained the written consent from the CBB for either the period or the period end to be other than 12 months and 31 December respectively. In any event, the financial year can never be less than a 6-month period or greater than an 18-month period.

      Added: April 2012

    • BR-1.2A.4

      Except in exceptional circumstances and subject to Paragraph BR-1.2A.3, an insurance broker'sG financial year, for the purposes of preparing the Insurance Broker Return, and the financial year for the purposes of preparing the shareholder accounts, must coincide.

      Added: April 2012

    • BR-1.2A.5

      For the purposes of Paragraph BR-1.2A.4, the CBB would usually accept that the financial year end of an overseas insurance brokerG would be the same as that of the company itself. The only times that the CBB would be likely to consider allowing an insurance brokerG to adopt a financial period of other than 12 months would be the year in which it is authorised (i.e. a period of less than 12 months) or when the company itself changes its reporting period for the purposes of its shareholder accounts.

      Added: April 2012

    • Content of the Insurance Broker Return

      • BR-1.2A.6

        For every insurance brokerG who undertakes the broking of insurance contracts as defined under Paragraph AU-1.4.10, an Insurance Broker Return must be submitted within two months of its financial year end, using the prescribed form IBR from Part B of Volume 3 (Insurance), together with the required Directors' Certificate.

        Amended: February 2014
        Amended: April 2013
        Added: April 2012

      • BR-1.2A.7

        The content of the IBR required to be submitted by an insurance brokerG in accordance with Paragraph BR-1.2A.6 must be in the format prescribed by the CBB and completed in accordance with any instructions specified by the CBB.

        Added: April 2012

      • BR-1.2A.8

        The IBR must be completed by every insurance brokerG licensed in Bahrain, in the following manner:

        (a) In the case of an insurance brokerG incorporated in Bahrain, the IBR must be completed on an equity basis, detailing all investments in subsidiaries; or
        (b) In the case of an overseas insurance licenseeG , the IBR must be completed in respect of the activities carried out by the overseas insurance licenseeG in Bahrain.
        Added: April 2012

      • BR-1.2A.9

        The format of the IBR is included in Part B of the Rulebook as Form IBR.

        Added: April 2012

    • Valuation of Assets and Liabilities

      • BR-1.2A.10

        For the purposes of the IBR, the value or amount given for an asset or a liability of the insurance licenseeG must be the value or amount of that asset or a liability as determined in accordance with generally accepted accounting principles applicable in the Kingdom and in compliance with any requirements from the Ministry of Industry and Commerce, and where applicable, with CBB requirements.

        Added: April 2012

    • Directors' Certificate

      • BR-1.2A.11

        The Board of the insurance brokerG submitting the IBR must include as part of the document referred to in Paragraph BR-1.2A.1 a Directors' Certificate, in the format prescribed by the CBB.

        Added: April 2012

      • BR-1.2A.12

        Insurance brokersG whose legal status as allowed under Section AU-2.1 is that of a Bahraini single person company registered with the Ministry of Commerce, are exempted from the requirements of Paragraph BR-1.2A.11.

        Added: April 2012

      • BR-1.2A.13

        The format of the Director's Certificate is included as part of the IBR in Part B of the Rulebook.

        Added: April 2012

    • Audit and Auditor's Report

      • BR-1.2A.14

        The IBR of every insurance brokerG must be reviewed, in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements. The review must certify that the information provided in the IBR is in agreement with the books and records of the licensee and its audited financial statements.

        Added: April 2012

      • BR-1.2A.15

        The IBR must be reviewed by the licensee's external auditorG , appointed in accordance with Module AA, or by other qualified persons as directed by the CBB.

        Added: April 2012

      • BR-1.2A.16

        The insurance licenseeG must provide to the CBB, within three months of the financial year end, an auditor's report, in the format prescribed by the CBB, stating the auditor's opinion on the matters identified in this Module.

        Added: April 2012

      • BR-1.2A.17

        The format of the Auditor's Report is included in Part B of the Rulebook as Appendix BR-(ii), as part of the Supplementary Information.

        Added: April 2012

    • Preparation and Deposit of the IBR

      • BR-1.2A.18

        Every IBR, including the Directors' Certificate required under Paragraph BR-1.2A.11, must be deposited with the CBB within 2 months of the financial year end. One electronic copy of the IBR and one hard copy (with appropriate signatures required) of the IBR must be submitted to the CBB.

        Amended: October 2014
        Added: April 2012

      • BR-1.2A.19

        If the CBB notifies the insurance licenseeG that a document deposited under Paragraph BR-1.2A.18 appears to be inaccurate or incomplete, the insurance licenseeG must consider the matter and within one month of the CBB notification it must correct any inaccuracies and make good any omissions and submit the amended parts of the IBR.

        Added: April 2012

      • BR-1.2A.20

        The external auditorG must consider the impact on his report of any amendment referred to in Paragraph BR-1.2A.19, and withdraw and correct his original report based on the revised information.

        Added: April 2012

      • BR-1.2A.21

        The hard copy of the IBR must be signed by at least two of the Bahraini insurance licensee'sG Directors on behalf of the Board of Directors. One of those two Directors signing the IBR must be the Chairman of the insurance licenseeG and the other must be formally authorised by the Board of Directors to sign on its behalf.

        Added: April 2012

      • BR-1.2A.22

        In the case of overseas insurance licenseesG , the General ManagerG as defined under Paragraph AU-1.2.9 and an authorised member of the Board of Directors of the company itself must sign the IBR of the overseas insurance licenseeG in the Kingdom.

        Added: April 2012

    • Submission of Audited Financial Statements and Management Letter

      • BR-1.2A.23

        The audited financial statements submitted to the shareholders of the insurance licenseeG and the management letter issued by the external auditorG must be submitted to the CBB no later than three months following the insurance broker'sG financial year end.

        Added: April 2012

    • Public Disclosure

      • BR-1.2A.24

        The IBR is not a public document and as such will not, unless otherwise provided in the CBB's Rulebook, be disclosed to third parties by the CBB without the insurance licensee'sG consent.

        Added: April 2012

      • BR-1.2A.25

        Whilst the IBR is not a public document, the CBB may from time to time publish aggregate information derived from IBR relating to the classes of licensees and the Bahrain insurance industry as a whole.

        Added: April 2012

      • BR-1.2A.26

        Whilst the IBR is not a public document, as per Paragraph BR-1.2A.24, insurance brokersG are not prevented from providing complete copies (including all relevant certifications and reports) to third parties.

        Added: April 2012

    • Other Reporting Requirements

      • BR-1.2A.27

        The IBR Form also includes other reporting requirements found throughout Volume 3 (Insurance), including:

        (a) Directors' High-Level Control Certificate (HC-1.11.3); and
        (b) Report on close links (GR-6.2.1).
        Added: April 2012

Back to top