The Bahraini insurance industry is supervised and regulated by the Central Bank of Bahrain (CBB). The CBB was established in 2006 replacing the Bahrain Monitory Authority (BMA) to take over the regulation of the industry. It functions as a public agency, with autonomous powers and a separate budget. The competence rights of the CBB, its obligations and rights are stipulated in the CBB law. It derives its power from the Central Bank of Bahrain and Financial Institutions Law 2006 (CBB Law), which regulates insurance operations and mediation in the country.
The CBB Law came into effect on September 6, 2006. Prior to that, the BMA introduced the CBB Rulebook to govern various industry of financial service sector, of which the CBB Rulebook Volume 3 stipulates various rules and regulations applicable to the insurance industry. The CBB Rulebook was introduced on April 1, 2005 by the BMA.
- The Bahraini insurance industry is regulated by the Central Bank of Bahrain
- The government of Bahrain allows 100% foreign direct investments in the insurance industry
- Composite insurance is not permitted in Bahrain since April 1, 2005. However, composite insurers established prior to April 1, 2005 are permitted to operate
- Motor third-party liability and workers’ compensation insurance are mandatory in Bahrain
- Non-admitted insurance is prohibited in Bahrain. However, reinsurance companies can operate in the country on a cross-border basis only
The report "Governance, Risk and Compliance - The Bahraini Insurance Industry", is the result of extensive research into the insurance regulatory framework in the Bahrain. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides -
- An overview of the insurance regulatory framework in the Bahrain
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Bahrain
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country
- The report covers details of the insurance regulatory framework in the Bahrain.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons To Buy
- Gain insights into the insurance regulatory framework in the Bahrain.
- Track the latest regulatory changes, and expected changes impacting the Bahraini insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.