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  • General Requirement

    • AU-1.2.1

      Insurance licensees must obtain the CBB's prior written approval for any person wishing to undertake a controlled function in an insurance licensee. The approval from the CBB must be obtained prior to their appointment, subject to the variations contained in Paragraph AU-1.2.3.

      Amended: January 2016
      Amended: July 2007

    • AU-1.2.2

      Controlled functions are those functions occupied by board members and persons in executive positions and include:

      (a) Director (for Bahraini insurance licensee only);
      (b) Chief Executive or General Manager;
      (c) Head of function;
      (d) Head of risk management;
      (e) Compliance officer;
      (f) Money Laundering Reporting Officer;
      (g) Member of Shari'a Supervisory Board (where applicable);
      (h) Internal Shari'a reviewer (where applicable);
      (i) Unit-linked investment adviser (where applicable); and
      (j) Signing Actuary(where the function is undertaken by a Director or an employee of the insurance firm).
      Amended: January 2016
      Amended: April 2014
      Amended: October 2007
      Amended: July 2007

    • AU-1.2.3

      Controlled functions may be combined with any other functions, subject to the CBB's prior written approval and such combination must not result in any possible conflict of interest.

      Amended: April 2014
      Amended: October 2007
      Amended: July 2007

    • AU-1.2.4

      [This Paragraph was deleted in April 2014.]

      Deleted: April 2014
      Amended: October 2007
      Amended: July 2007

    • AU-1.2.5

      [This Paragraph was deleted in April 2014.]

      Deleted: April 2014

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