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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > HC High-Level Controls > HC-B Scope of Application > HC-B.1 Insurance Licensees > HC-B.1.2
  • HC-B.1 Insurance Licensees

    • HC-B.1.1

      The contents of this Module - unless otherwise stated - apply to all Bahraini insurance licenseesG , incorporated under the Legislative Decree No. 21 of 2001, with respect to promulgating the Commercial Companies Law ('Company Law'), except those companies operating as Bahraini single person company.

      January 2011

    • HC-B.1.2

      For insurance brokersG , Sections HC-3.2 Audit Committee and HC-3.3 Audit Committee Charter are to be considered as Guidance and the Comply or Explain Principle (see Paragraph HC-A.1.8) applies. In addition references to the Nominating and Remuneration Committees do not apply for insurance brokersG .

      January 2011

    • HC-B.1.3

      For insurance consultantsG , insurance managersG , Insurance AggregatorsG and captive insurance firmsG the applicable Guidance Paragraphs are included in Chapter HC-10. The Comply or Explain Principle (see Paragraph HC-A.1.8) applies to the content of Chapter HC-10.

      Amended: October 2019
      January 2011

    • HC-B.1.4

      Overseas insurance licenseesG must satisfy the CBB that equivalent arrangements are in place at the parentG entity level, and that these arrangements provide for effective high-level controls over activities conducted under the Bahrain license.

      January 2011

    • HC-B.1.5

      In assessing compliance with Paragraph HC-B.1.4, the CBB will take into account regulatory requirements applicable to the parentG entity, as well as the governance and systems and controls arrangements actually implemented by the parentG entity and applied to the Bahrain operation. With the exception of specific requirements that explicitly apply to overseas insurance licenseesG (i.e. Paragraph HC-B.1.4), overseas insurance licenseesG should consider the remaining contents of this Chapter as guidance, in judging whether high-level controls applied to the branch satisfy HC-B.1.4.

      January 2011

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