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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > AU Authorisation > AU-2 Licensing Conditions > AU-2.1 Condition 1: Legal Status > Insurance Broker > AU-2.1.8
  • Insurance Broker

    • AU-2.1.7

      Licensees who were carrying out activities that fall within the definition of the regulated activity of insurance brokerG prior to 1 April 2005 may be unincorporated entities or natural persons and were allowed to continue as such until 31 December 2006.

      Amended: July 2007

    • AU-2.1.8

      The legal status of an insurance brokerG after 1 April 2009 must be:

      (i) A Bahraini joint stock company (BSC);
      (ii) A Bahraini company with limited liability ('WLL');
      (iii) A branch resident in Bahrain of a company incorporated under the laws of its territory of incorporation and (where local regulation so requires) authorised as an insurance or reinsurance intermediary in that territory, and licensed to conduct insurance business in Bahrain prior to 1st April 2009;
      (iv) A Bahraini exempt company (E.C.) which was incorporated and licensed to conduct insurance business prior to 1st January 2005;
      (v) A Bahraini single person company which was incorporated and licensed to conduct insurance business prior to 1st April 2009; or
      (vi) A natural person that has been licensed by the CBB to conduct insurance business prior to April 2005.
      Amended: October 2012
      Amended: April 2010
      Amended: October 2009
      Amended: April 2009
      Amended: July 2007

    • AU-2.1.9

      Licensees referred to in Subparagraphs AU-2.1.8 (v) and (vi) will be granted a six-month period from the date of the death of the natural person to convert the license to comply with Subparagraph AU-2.1.8 (i) or (ii), subject to the CBB's prior written approval.

      Amended: October 2012
      Amended: July 2007

    • AU-2.1.10

      An insurance broker'sG business activity must be restricted by its Memorandum and Articles of Association to insurance broking.

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