CBB Volume 3: Contents

Central Bank of Bahrain Volume 3—Insurance
Part A
High Level Standards
HC High-Level Controls
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Location: Central Bank of Bahrain Volume 3—Insurance > Part A > High Level Standards > HC High-Level Controls > HC-10 Insurance Consultants, Insurance Managers, Insurance Aggregators and Captive Insurance Firms > HC-10.2 Approved Persons Loyalty > Disclosure of Conflicts of Interest > HC-10.2.6
  • Disclosure of Conflicts of Interest

    • HC-10.2.6

      Each approved personG should inform the entire Board of conflicts of interest as they arise and abstain from voting on the matter in accordance with the relevant provisions of the Company Law. This disclosure should include all material facts in the case of a contract or transaction involving the approved personG . The approved personsG should understand that any approval of a conflict transaction is effective only if all material facts are known to the authorising persons and the conflicted person did not participate in the decision.

      January 2011

    • HC-10.2.6A

      The chief executive/general manager of the Bahraini insurance consultantsG , Bahraini insurance managersG , Bahraini insurance aggregatorsG or Bahraini captive insurance firmsG should disclose to the board of directors on an annual basis those individuals who are occupying controlled functionsG and who are relatives of any approved personsG occupying controlled functionsG within the insurance consultantG , insurance managerG , insurance aggregatorsG or captive insurance firmG .

      Amended: October 2019
      Amended: July 2016
      April 2016

    • HC-10.2.6B

      The chief executive/general manager of the overseas insurance managers or overseas captive insurance firmsG should disclose to a designated officer at its head office or regional manager on an annual basis those individuals who are occupying controlled functionsG and who are relatives of any approved personsG within the overseas insurance licenseeG .

      Added: July 2016

    • HC-10.2.7

      The Board of the Bahraini insurance consultantsG , Bahraini insurance managersG , Bahraini insurance aggregatorsG or Bahraini captive insurance firmsG should establish formal procedures for:

      (a) Periodic disclosure and updating of information by each approved personG on his actual and potential conflicts of interest; and
      (b) Board of Director's approval of any direct or indirect personal interest of an approved personG , in the contracts and actions in which the licensee is a party.
      Amended: October 2019
      Amended: July 2016
      January 2011

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