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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > GR General Requirements > GR-1 Books and Records > GR-1.1 General Requirements > GR-1.1.3
  • GR-1.1 General Requirements

    • GR-1.1.1

      The requirements in Chapter GR-1 apply in full to Bahraini insurance licenseesG . The requirements in Chapter GR-1 also apply to overseas insurance licenseesG , but only with respect to the business booked in their branch in Bahrain and the records of that branch.

    • GR-1.1.2

      All insurance licenseesG must maintain books and records (whether in electronic or hard copy form) sufficient to produce financial statements and show a complete record of the business undertaken by a licensee, including records sufficient to verify the identity of customersG . These records must be retained for at least 10 years according to Article 60 of the CBB Law.

      Amended: October 2018
      Amended: January 2007

    • GR-1.1.3

      For those insurance firmsG granted grandfathering provisions as per Paragraph AU-1.1.15, separate books and records must be maintained in respect of both general and long-term insurance businessG . The transactions relating to each kind of business must be maintained separately. The insurance firmG must maintain such accounting and other records as necessary to identify all assets and liabilities in respect of each kind of business.

      Amended: January 2007

    • GR-1.1.4

      Unless otherwise agreed to with the CBB in writing, records must be kept in either English or Arabic. Any records kept in other languages must be accompanied by a certified English or Arabic translation. Records must be kept current. The records must be sufficient to allow an audit of the licensee's business or an on-site examination of the licensee by the CBB.

      Amended: January 2007

    • GR-1.1.4A

      Translations produced in compliance with Rule GR-1.1.4 may be undertaken in-house, by an employee or contractor of the licensee, providing they are certified by an appropriate officer of the licensee.

      Added: January 2007

    • GR-1.1.5

      For captive insurersG , the maintenance of books and records may be carried out by an insurance managerG . Should this be the case, the captive insurerG must ensure that the CBB has access to these records at any time. In addition, these records must be sufficient to allow an audit or an on-site examination by the CBB of the captive insurerG .

      Amended: January 2007

    • GR-1.1.6

      Records must be accessible at any time from within the Kingdom of Bahrain, or as otherwise agreed with the CBB in writing.

      Amended: January 2007

    • GR-1.1.7

      Where older records have been archived, or in the case of records relating to overseas branches of Bahraini insurance licenseesG , the CBB may accept that records be accessible within a reasonably short time frame (e.g. within 5 business days), instead of immediately. The CBB may also agree similar arrangements for overseas insurance licenseesG , as well as Bahraini insurance licenseesG , where elements of record retention and management have been centralised in another group company, whether inside or outside of Bahrain.

      Added: January 2007

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