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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > Business Standards > CA Capital Adequacy > CA-7 Whole Firm and Group Solvency
  • CA-7 Whole Firm and Group Solvency

    • CA-7.1 Whole Firm and Group Solvency

      • CA-7.1.1

        In addition to the capital adequacy and solvency requirements imposed on Bahraini insurance firmsG and overseas insurance firmsG , the CBB may require whole firm and/or group solvency information. The requirement under this Chapter apply to the following categories:

        (a) Overseas insurance firmsG ;
        (b) Bahraini insurance firmsG with subsidiariesG and branchesG , operating within Bahrain and/or in other jurisdictions; and
        (c) Bahraini insurance firmsG that are subsidiaries and whose parentG companies may or may not be an insurance firmG .
        Amended: January 2007

      • CA-7.1.2

        Captive insurersG are exempted from the requirements to report on their group solvency position.

        Amended: January 2007

      • CA-7.1.3

        As part of the requirements of the Group Insurance Firm Return (Form GIFR) referred to in Section BR-1.3, the CBB may require an insurance firmG to provide:

        (a) A statement of the consolidated financial position of any group of which the insurance firmG is either the holding company, a subsidiaryG or a branchG of that group; and
        (b) A statement of the solvency margin that would be determined by this Module if the group identified in part (a) of this Rule were a Bahrain authorised insurance firmG .
        Amended: January 2007

      • CA-7.1.4

        In considering the application of Paragraph CA-7.1.3, the CBB will take into account where the balance of the insurance business is undertaken. Where a high-level of the business undertaken by the group is done from Bahrain, the requirements of CA-7.1.3 may apply.

        Amended: January 2007

      • CA-7.1.5

        The consolidated financial position referred to in Paragraph CA-7.1.3 must be determined on the basis that the assets and liabilities of that group are valued in accordance with the requirements of this Module.

      • CA-7.1.6

        An insurance licenseeG subject to the requirements of Paragraph CA-7.1.3 may, with the consent of the CBB, provide equivalent or substantially equivalent solvency margin information submitted to a supervisor in another jurisdiction.

        Amended: January 2007

      • CA-7.1.7

        In addition to consolidated information on the group, for Bahraini insurance firmsG , aggregate information detailing the solvency requirements of the major insurance subsidiariesG in the group must also be submitted to the CBB as part of the Group Insurance Firm Return.

        Amended: January 2007

      • CA-7.1.8

        Where the licensee's group or parentG reports its own solvency position to its regulatory authority (on a group or 'solo' basis) a copy of this calculation must be provided to the CBB within 30 calendar days from the due date to the other regulatory authority, in accordance with Paragraph RM-8.1.6.

        Amended: January 2007

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