Regulatory Alerts2024-01-28
Insurance Cover on Loans
The Central Bank of Bahrain proposes new insurance cover requirements for loans under the Business and Market Conduct Module, specifically targeting financing company licensees. These amendments to the CBB Rulebook mandate enhanced regulatory standards for loan insurance coverage and are currently open for public consultation on the regulator's website. Financing companies must submit their feedback, including nil responses, to the CBB by 28 January 2024.
Central Bank of Bahrain
مَصْرِفُ الْبَحْرَيْنِ المَلَكِيّ
OG/445/2023
31st December 2023
Chief Executive Officer
All Financing Companies
Manama
Kingdom of Bahrain
Dear Sir/Madam,
**Consultation: Insurance Cover on Loans**
As part of the CBB’s initiatives to further enhance its regulatory framework, the CBB is hereby proposing new requirements with regards to insurance cover on loans in the Business and Market Conduct Module (Module BC) under the CBB Rulebook – Volume 5, Financing Company Licensees.
The proposed amendments under Module BC shall be available on the CBB website (www.cbb.gov.bh) under the “Open Consultations” Section.
The CBB requests you to provide your comments, including ‘nil comments’ on the proposed amendments in an editable format to consultation@cbb.gov.bh by 28th January 2024.
Yours faithfully,
Rasheed M. Al Maraj
Governor
cc: External Auditors
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هاتف ··٠٧ ١٧٥٤ ٧٠٠٠، فاكس ··٩٧٣ ١٧٥٤ ٧٧٩٩، ص.ب ··٢٧، المنامة، مملكة البحرين
T +973 1754 7500, +973 1754 7555, F +973 1753 7799, P.O. Box 27, Manama, Kingdom of Bahrain, www.cbb.gov.bh
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