Bahrain Insurance Industry – Governance, Risk and Compliance
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The Bahrain insurance industry report 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.
What are the market dynamics in Bahrain insurance industry?
Central Bank of Bahrain (CBB) is a public corporate entity which derives its power through the Central Bank of Bahrain and Financial Institutions Law 2006. The key functions of the CBB are establishing a rapidly responding and transparent regulatory system, overseeing the renewal, registration, modification, cancellation or withdrawal of insurance contracts, protecting policyholders’ interests in matters of policy, insurable interests, and others.
What are the key associations in the Bahrain insurance industry?
The key associations in Bahrain insurance industry are International Association of Insurance Supervisors (IAIS) and Bahrain Insurance Association (BIA).
International Association of Insurance Supervisors
The IAIS formulates and issues various global insurance principles, standards and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives and other professionals discuss developments in the insurance industry and topics affecting insurance regulation. The primary objectives of IAIS are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
Bahrain Insurance Association
The BIA started operations as a society under the Ministry of Social Affairs in 1994. The key objectives of the BIA are liaising with the CBB and other appropriate authorities and bodies, promoting the insurance industry and develop public awareness in Bahrain, promoting education and training, and improving technical skills in the insurance industry, promoting sound, ethical and professional standards in the insurance industry.
What are the key licenses issued in Bahrain insurance industry?
The key licenses issued in Bahrain insurance industry are long-term insurance license, general insurance license, reinsurance license, licenses for intermediaries, including insurance and reinsurance brokers, insurance consultants, insurance managers, and insurance exchange operators.
Market report scope
Key associations | International Association of Insurance Supervisors (IAIS) and Bahrain Insurance Association (BIA) |
Key licenses | Long-Term Insurance License, General Insurance License, Reinsurance License, Licenses for Intermediaries, Including Insurance and Reinsurance Brokers, Insurance Consultants, Insurance Managers, and Insurance Exchange Operators |
Scope
- The report covers details of the insurance regulatory framework in 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
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in 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.
Table of Contents
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Frequently asked questions
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Which are the key associations in the Bahrain insurance industry?
International Association of Insurance Supervisors (IAIS) and Bahrain Insurance Association (BIA) are the key associations in the Bahraini insurance industry.
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Which are the key licenses issued in the Bahrain insurance industry?
Long-term insurance license, general insurance license, reinsurance license, licenses for intermediaries, including insurance and reinsurance brokers, insurance consultants, insurance managers, and insurance exchange operators are the key licenses issued in the Bahraini insurance industry.
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Who is the key regulator of the Bahrain insurance industry?
The key regulator of the Bahrain insurance industry is Central Bank of Bahrain (CBB).
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What are the key types of tax present in the Bahrain insurance industry?
The key types of tax present in the Bahrain insurance industry are corporate income tax, corporate capital gains tax, and value added tax.
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