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The business plan submitted in support of an application must explain:

(a) An outline of the history of the applicant and its shareholdersG ;
(b) The reasons for applying for a license, including the applicant's strategy and market objectives;
(c) The proposed type of activities to be carried on by the applicant in/from the Kingdom of Bahrain;
(d) The proposed Board and senior management of the applicant and the proposed organisational structure of the applicant;
(e) An assessment of the risks that may be faced by the applicant, together with the proposed systems and controls framework to be put in place for addressing those risks and to be used for the main business functions, including underwriting, claims and accounting; and
(f) An opening balance sheet for the applicant, together with a three-year financial projection, with all assumptions clearly outlined, demonstrating that the applicant will be able to meet applicable capital and solvency requirements.
Amended: July 2007
(2 Versions)
Up to Jun 30 2007Jul 1 2007 onwards
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