Regulatory Alerts2020-10-14
Proposed Training and Competency Module (Module TC) – Volume 3
The Central Bank of Bahrain issues this consultation on its Draft Training and Competency Module Volume 3 to establish mandatory qualification, experience, and continuous professional development standards for individuals holding controlled functions within insurance licensees. The module mandates a minimum of fifteen annual CPD hours, formally adds the Deputy Money Laundering Reporting Officer as a controlled function, and specifies recognized professional certifications such as the CII Diploma in Regulated Financial Planning and BIBF’s ADIF and ADICJ qualifications for Islamic insurance roles. Existing approved persons may benefit from grandfathering provisions, while newly appointed staff must comply with the updated competency criteria to ensure consistent regulatory oversight and workforce quality across Bahrain’s insurance sector.