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MANAMA - The Central bank of Bahrain (CBB) said on Sunday that its studying a proposal to amend capital requirements for branches of foreign insurance firms operating in the Gulf island.
The proposed amendment gives recognition to the support provided to the branches from their overseas parent company, which will allow for waving of the current requirements for branches to maintain a minimum amount as capital.
The branches would however continue to be required to maintain solvency margins as set by the CBB.
The CBB, according to the statement, is currently consulting the industry and relevant market players on the proposed new requirements.
Once finalized, the new capital requirements would be effective at the end of this year and will be applicable to all overseas insurance firms operating in Bahrain. |
