MANAMA: The Central Bank of Bahrain has issued licenses for Insurance Aggregators to couple of companies which are likely to start operations by third quarter this year, reveals by a senior CBB official.
Abdul Rahman Al-Baker, Executive Director of Financial Institutions Supervision, Central Bank of Bahrain, on the sidelines of the two-day InsureByte Conference, told the The24X7News Bahrain (www.twentyfoursevennews.com) that the Kingdom’s insurance sector was well poised to tap into the all growth areas of the business.
“With respect to insurance services, the CBB has issued in April 2019, the rules on “Insurance Aggregators”, which are intermediaries with an insurance broker’s license that operate an online platform and provides price comparisons and facilitates the purchase of insurance policies from several insurance companies. The introduction of new rules is the first step for the CBB towards “Insuretech”, a technology led transformation of the insurance sector which is rapidly gathering momentum globally, especially due to demands from millennials.”
