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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > PB Principles of Business > PB-1 The Principles
  • PB-1 The Principles

    • PB-1.1 Principle 1 — Integrity

      • PB-1.1.1

        Insurance licenseesG and approved personsG must observe high standards of integrity and fair dealing. They must be honest and straightforward in their dealings with customersG , and disclose fully all relevant information to customersG , as required by the CBB's Regulations and Directives.

        Amended: January 2007

    • PB-1.2 Principle 2 — Conflicts of Interest

      • PB-1.2.1

        Insurance licenseesG and approved personsG must take all reasonable steps to identify, and prevent or manage, conflicts of interest that could harm the interests of a customerG .

    • PB-1.3 Principle 3 — Due Skill, Care and Diligence

      • PB-1.3.1

        Insurance licenseesG and approved personsG must act with due skill, care and diligence.

    • PB-1.4 Principle 4 — Confidentiality

      • PB-1.4.1

        Insurance licenseesG and approved personsG must observe in full any obligations of confidentiality, including with respect to client information. This requirement does not over-ride lawful disclosures.

    • PB-1.5 Principle 5 — Market Conduct

      • PB-1.5.1

        Insurance licenseesG and approved personsG must observe proper standards of market conduct, and avoid action that would generally be viewed as improper.

    • PB-1.6 Principle 6 — Customer Assets

      • PB-1.6.1

        Insurance licenseesG and approved personsG must take reasonable care to safeguard the assets of customersG for which they are responsible.

        Amended: January 2007

    • PB-1.7 Principle 7 — Customer Interests

      • PB-1.7.1

        Insurance licenseesG and approved personsG must pay due regard to the legitimate interests and information needs of their customersG and communicate with them in a fair and transparent manner. Insurance licenseesG and approved personsG , when dealing with customersG who are entitled to rely on their advice or discretionary decisions, must take reasonable care to ensure the suitability of such advice or decisions.

    • PB-1.8 Principle 8 — Relations with Regulators/Supervisors

      • PB-1.8.1

        Insurance licenseesG and approved personsG must act in an open and co-operative manner with the CBB and other regulatory/supervisory bodies under whose authority they come under. They must take reasonable care to ensure that their activities comply with all applicable laws and regulations.

        Amended: January 2007

    • PB-1.9 Principle 9 — Adequate Resources

      • PB-1.9.1

        Insurance licenseesG must maintain adequate human, financial and other resources sufficient to run their business in an orderly manner.

    • PB-1.10 Principle 10 — Management, Systems & Controls

      • PB-1.10.1

        Insurance licenseesG must take reasonable care to ensure that their affairs are managed effectively and responsibly, with appropriate systems and controls in relation to the size and complexity of their operations. Insurance licensees'G systems and controls, as far as is reasonably practical, must be sufficient to manage the level of risk inherent in their business and ensure compliance with the CBB Rulebook.

        Amended: January 2007

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