Insurance Cover on Loans/Financing

Central Bank of Bahrain
مَحْكَمَةُ البحرين المركزيّة

OG/375/2023
12th November 2023

Chief Executive Officer
All Retail Banks
Manama
Kingdom of Bahrain

Dear Sir/ Madam,

Consultation: Insurance Cover on Loans/Financing

Further to circular OG/221/2023 dated 26th June 2023 with regards to the consultation on Insurance Cover on Loans/Financing and CBB’s communication with Bahrain Association of Banks and Bahrain Insurance Association in this regard, the CBB, having considered the practical implications and the importance of fairness to customers in the cost recovery methodology, it has made a further amendment to the consultation draft.

The proposed amendment is included in Paragraph BC-4.21.2 in the Business and Market Conduct Module (Module BC) under the CBB Rulebook, Volumes 1 and 2 for consultation (see attached) and 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 amendment in an editable format to consultation@cbb.gov.bh by 26th November 2023.

Yours faithfully,

Rasheed M. Al-Maraj
Governor

cc: Bahrain Association of Banks
Audit Firms

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هاتف: +٩٧٣ ١٧٥٤ ٧٠٠٠، +٩٧٣ ١٧٥٤ ٧٠٠٠ فاكس، +٩٧٣ ١٧٥٤ ٧٧٨٩، 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