Regulatory Alerts2014-11-13
Requirements for Related Party Transactions for Insurance Licensees
The Central Bank of Bahrain has proposed expanding prior approval requirements to mandate that all non-captive insurance licensees obtain written regulatory consent for related party transactions valued at or exceeding 10% of their respective capital, net assets, or shareholder equity. The amendment introduces rule BR-2.3.22, which standardizes threshold calculations across insurance firms, brokers, and other licensees while excluding captive insurers from the new mandate. Licensees must submit their feedback, including nil responses, electronically to the regulator by 13 November 2014 ahead of finalizing the consultation.
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