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  • GR-1.2 Customer and Transaction Records

    • Customer Records

      • GR-1.2.1

        Insurance licensees must keep records with respect to all customer relationships that remain active or potentially active. These records must be in hard copy or in original form, and retained for at least ten years after a customer relationship has terminated.

        Amended: October 2007

      • GR-1.2.2

        Customer records include original account opening and due diligence documentation including identification information, sufficient to confirm compliance with all statutory and regulatory Know Your Customer requirements (see Module FC).

      • GR-1.2.3

        The requirement in Paragraph GR-1.2.1 applies to all customer facilities booked in Bahrain by the licensee or where a customer relationship is administered from Bahrain. Licensees may not use record-keeping systems outside Bahrain for customer business booked in Bahrain, except for back-up purposes only.

      • GR-1.2.4

        For captive insurance, where the customers are limited to related companies, the due diligence requirement does not apply.

        Amended: January 2007

    • Transaction Records

      • GR-1.2.5

        Insurance licensees must keep completed transaction records for as long as they are relevant for the purposes for which they were made (with a minimum period in all cases of five years from the date when the transaction was completed) – see Module Section FC-7.1). Records of completed transactions must be kept whether in hard copy or electronic format as per the Legislative Decree No. (28) of 2002 with respect to Electronic Transactions "The Electronic Transaction Law" and its amendments.

        Amended: July 2017
        Amended: October 2007
        Amended: January 2007

      • GR-1.2.6

        [This Paragraph has been deleted in July 2017].

        Deleted: July 2017

      • GR-1.2.7

        In the case of Bahraini insurance licensees, the requirement in Paragraph GR-1.2.5 applies only to transactions relating to business booked in Bahrain by the licensee. It does not relate to transactions relating to business booked in overseas branches or subsidiaries of the licensee.

        Amended: January 2007

      • GR-1.2.8

        In the case of overseas insurance licensees, all the requirements of Chapter GR-1 are limited to the business booked in their branch in Bahrain and the records of that branch (see GR-1.1.1).

    • Keeping of Separate Client Accounts

      • GR-1.2.9

        An insurance broker must, in connection with any premiums received in the course of its business, establish and maintain separate client accounts separate from those used for its own funds.

      • GR-1.2.9A

        Specific Rules and guidance dealing with the holding of client money are contained in Module CL (Client Money).

        Added: April 2012

      • GR-1.2.10

        An insurance broker must not make withdrawals from its client accounts for any purposes other than those of the client.

      • GR-1.2.11

        Payment of premiums to insurance firms, or commissions (brokerage) to the insurance broker's own accounts shall not be effected until the premiums to which these payments relate have been duly received from that client and credited to the client account.

      • GR-1.2.12

        In respect of premiums booked in Bahrain, in relation to residents and non-residents of Bahrain, these accounts are to be maintained with a retail bank licensed to operate in the Kingdom of Bahrain.

        Amended: January 2007

      • GR-1.2.13

        [This Paragraph was deleted in April 2012].

        Deleted: April 2012

      • GR-1.2.14

        [This Paragraph was deleted in April 2012 and new guidance is now contained in Paragraph CL-1.1.9].

        Deleted: April 2012

      • GR-1.2.15

        [This Paragraph was deleted in April 2012 and new guidance is now contained in Paragraph CL-1.1.10].

        Deleted: April 2012

      • GR-1.2.16

        [This Paragraph was deleted in April 2012].

        Deleted: April 2012

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