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CL-1.1.5

Insurance brokersG and appointed representativesG must:

(a) Provide the CBB with a written confirmation from a retail bank(s) licensed to do business in Bahrain, as in what capacity they are holding such client money.G This confirmation must be provided to the CBB at the time of opening the client money accountG and when there is a material change in the nature of the account;G and
(b) Instruct the bank(s) not to combine the client money accountG (s) with any other account or to exercise any right or set-off or counterclaim against money in that account in respect of any sum owed to it on any other account of the insurance broker or appointed representative.
April 2012
 Versions
(1 Version)
 
Apr 1 2012 onwards
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