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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > Business Standards > BC Business and Market Conduct > BC-A Introduction > BC-A.1 Purpose
  • BC-A.1 Purpose

    • Executive Summary

      • BC-A.1.1

        This Module presents requirements that have to be met by insurance licenseesG with regards to their dealings with customersG . Reinsurance business is exempted from the scope of these requirements.

      • BC-A.1.2

        The requirements contained in this Module aim to ensure that insurance licenseesG deal with their customersG in a fair and open manner, and address their customers'G information needs.

        Amended: January 2007

      • BC-A.1.3

        The requirements build upon several of the Principles of Business (see Module PB (Principles of Business)). Principle 1 (Integrity) requires insurance licenseesG to observe high standards of integrity and fair dealing, and to be honest and straightforward in their dealings with customersG . Principle 7 (Customer Interests), requires insurance licenseesG to pay due regard to the legitimate interests and information needs of their customersG , and to communicate with them in a fair and transparent manner.

        Amended: January 2007

      • BC-A.1.4

        The requirements contained in this Module are largely principles-based and focus on desired outputs rather than on prescribing detailed processes. This gives insurance licenseesG flexibility in how to implement the basic standards prescribed in this Module.

        Amended: January 2007

    • Legal Basis

      • BC-A.1.5

        This Module contains the Central Bank of Bahrain's ('CBB') (as amended from time to time) Directive relating to business conduct and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to insurance licenseesG (including their approved personsG ).

        Amended: January 2011
        Added: January 2007

      • BC-A.1.6

        For an explanation of the CBB’s rule-making powers and different regulatory instruments, see Section UG-1.1.

        Added: January 2007

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