MANAMA: The Central Bank of Bahrain (CBB) has been selected to the executive committee of the International Association of Insurance Supervisions (IAIS), a key recognition for the bank's regulatory initiatives in the area of insurance and takaful.
This announcement was made during the IAIS meeting and recognised Bahrain's efforts amongst 17 Mena regulators in the formulation or enforcement of insurance standards as a regulator and supervisor.
This membership was granted to Bahrain for a period of two years and names the kingdom 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 CBB executive director of financial institutions supervision Abdulrahman Al Baker.
"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." 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 specialised 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.
"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 Mr Al Baker.
IAIS was established in 1994 and represents insurance regulators and supervisors of 190 jurisdictions in 140 countries.