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  • BR-1.3 Group Financial Reporting

    • Group Insurance Firm Return

      • BR-1.3.1

        Group financial reporting is required for the following insurance firms:

        (a) Overseas insurance firms; and
        (b) Bahraini insurance firms that are part of a group.
        Amended: January 2007

      • BR-1.3.2

        Captive insurers are exempt from submitting a Group Insurance Firm Return.

      • BR-1.3.3

        Group financial reporting is required in order for the CBB to better assess the financial condition of the group as a whole and the possible impact this may have on the operations of the Bahraini insurance firm.

        Amended: January 2007

      • BR-1.3.4

        For those insurance firms referred to in Paragraph BR-1.3.1 that are required to submit an Insurance Firm Return they must prepare and submit to the CBB a Group Insurance Firm Return in respect of the ultimate parent undertaking for each financial year.

        Amended: January 2007

      • BR-1.3.5

        The financial year for the purposes of Paragraph BR-1.3.4 must coincide with that of the ultimate parent undertaking. In instances where the financial year end of the parent undertaking is other than 31 December, the insurance licensee must provide written notification to the CBB, within three months of 31 December detailing the financial year end of the parent undertaking.

        Amended: January 2007

      • BR-1.3.6

        For the purposes of this Chapter, the ultimate parent undertaking means (in relation to an insurance firm) the highest parent insurance undertaking of the insurance firm or the holding company whose predominant investment are shares of the insurance firm(s) (wherever established) that is not itself the subsidiary of another undertaking.

      • BR-1.3.7

        The Group Insurance Firm Return must be submitted to the CBB within 6 months of the relevant parent undertaking's financial year end, using the prescribed form GIFR from Part B of Volume 3 (Insurance).

        Amended: January 2007

      • BR-1.3.8

        For purposes of Paragraph BR-1.3.7, the Group Insurance Firm Return must contain consolidated information extracted from the consolidated financial statements prepared in respect of the relevant parent undertaking and its subsidiaries as a whole, that carry on regulated insurance services as defined in accordance with Section AU-1.4.

        Amended: October 2007

      • BR-1.3.9

        Insurance firms may also need to provide to the CBB information for the purposes of monitoring Group Solvency as required in Chapter CA-7, in addition to the requirements of Section BR-1.3.

        Amended: January 2007

      • BR-1.3.10

        The first Group Insurance Firm Return (GIFR) for insurance firms, required under Section BR-1.3, must be submitted to the CBB for the financial year ending 31 December 2006 (refer to ES-2.7.2).

        Amended: January 2007
        Amended: October 2007

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