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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > AU Authorisation > AU-5 Information Requirements and Processes > AU-5.5 Cancellation of Authorisation > Approved Persons
  • Approved Persons

    • AU-5.5.6

      In accordance with Paragraph AU-5.2.6, insurance licenseesG must promptly notify the CBB in writing when a person undertaking a controlled functionG will no longer be carrying out that function. If a controlled functionG falls vacant, the insurance licenseeG must appoint a permanent replacement (after obtaining CBB approval), within 120 calendar days of the vacancy occurring. Pending the appointment of a permanent replacement, the insurance licenseeG must make immediate interim arrangements to ensure continuity of the duties and responsibilities of the controlled functionG affected. These interim arrangements must be approved by the CBB.

      Amended: July 2007
      Amended: April 2008

    • AU-5.5.7

      The explanation given for any such changes should simply identify if the planned move was prompted by any concerns over the person concerned, or is due to a routine staff change, retirement or similar reason.

      Amended: July 2007

    • AU-5.5.8

      The CBB may also move to declare someone as not ‘fit and proper’, in response to significant compliance failures or other improper behaviour by that person: see Chapter EN-8 regarding the cancellation of ‘fit and proper’ approval.

      Added: July 2007

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