The Central Bank of Bahrain (CBB) is pleased to announce that the Kingdom of Bahrain has been selected to be a member of the Executive committee of the International Association of Insurance Supervisions (IAIS), a key recognition for CBB’s regulatory initiatives in the area of insurance and takaful.
This announcement was made during the recent IAIS meeting and recognized Bahrain’s efforts amongst 17 Mena different regulators in the formulation or enforcement of insurance standards as a regulator/supervisor.
This membership was granted to Bahrain for a period of two years and names the Kingdom of Bahrain as the representative for the Middle East and North Africa (MENA) region among the other members of the IAIS.
“We are delighted to receive this recognition on behalf of Bahrain, which is a demonstration of international recognition for the pioneering work being undertaken by the CBB in the area of insurance regulation,” said AbdulRahman Al Baker – Executive Director of Financial Institutions Supervision at the CBB.
“The CBB is committed to the development and advancement of the conventional and Islamic insurance sector and to reinforce Bahrain’s status as the leading centre for insurance in the MENA region,” Al Baker added.
Recent initiatives by the CBB have included the development of the sales representative Insurance certificate, which enables the industry to develop their human resources and better facilitate the growth in specialized areas of insurance.
The CBB Insurance Rulebook also contains the region’s first comprehensive regulatory framework specific to Islamic insurance and reinsurance (takaful and retakaful) companies.
International Association Insurance Supervisors (IAIS) Established in 1994, the IAIS represents insurance regulators and supervisors of some 190 jurisdictions in nearly 140 countries, constituting 97% of the world’s insurance premiums. It also has more than 120 observers.
“The CBB is committed to maintaining its international reputation for sound yet market friendly regulation and supervision and we look forward to continuing to work with market players in providing an environment conducive to the growth and advancement of the financial services industry,” said Al Baker.