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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > Reporting Requirements > BR CBB Reporting > BR-2 Notifications and Approvals > BR-2.3 Approval Requirements > Other Prior Approvals Required > BR-2.3.29
  • Other Prior Approvals Required

    • BR-2.3.29

      An insurance licenseeG must seek prior approval from the CBB for the following:

      (a) Outsourcing of the internal audit function (ref. HC-3.3.2) and other material functions (RM-7.1.2);
      (b) Appointment or re-appointment of external auditorsG (ref. AU-2.7.1 and AA-1.1.1);
      (c) Appointment of actuaryG (ref. AU-2.7.2 and AA-4.1.1);
      (d) Appointment of persons undertaking a controlled functionG in an insurance licenseeG (ref. AU-1.2.1);
      (e) Appointment or cancellation of appointment of an insurance managerG in accordance with AU-2.2.4; and
      (f) Any material changes or proposed changes to the information provided to the CBB in support of an authorisation application that occurs after authorisation has been granted. Insurance licenseesG must, in particular, seek prior CBB approval before undertaking activities in new classes of insurance. (ref. AU-5.4.1).
      Amended: October 2014
      Amended: January 2007
      Amended: October 2007

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