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Registration Requirements for Actuaries and Loss Adjusters in Bahrain

The Central Bank of Bahrain (CBB) requires actuaries and loss adjusters carrying on business in Bahrain to register with the CBB. This article outlines the registration requirements, fees, and conditions for becoming a registered actuary, loss adjuster, or appointed representative.

Registration Requirements

To become a registered actuary, loss adjuster, or appointed representative, applicants must:

  • Submit Form 4 (Application for Registration) if they are actuaries or loss adjusters
  • Submit Form 5 (Application for Registration of Appointed Representative) if they are appointed representatives

The CBB does not charge an application fee, but an annual registration fee is charged depending on the type of registration held.

Annual Registration Fees

The annual registration fees for actuaries and loss adjusters in Bahrain are as follows:

  • Actuary: BD25
  • Loss Adjuster (individual): BD200
  • Loss Adjuster (corporate): BD1,200
  • Insurance Appointed Representatives individuals: BD25
  • Insurance Appointed Representatives Corporates (fixed) 1 to 10 designated individuals: BD500
  • Insurance Appointed Representatives Corporates (fixed) 11 to 20 designated individuals: BD1000
  • Insurance Appointed Representatives Corporates (fixed) More than 20 designated individuals: BD1500

Payment Schedule

Fees are applied for each calendar year and must be paid on December 1st of the preceding year.

Eligibility Criteria

To qualify as a registered actuary, loss adjuster, or appointed representative, applicants must meet the registration conditions specified in Chapter AU-4 of Module AU. These include having relevant expertise and general suitability.

The CBB will review these conditions on an ongoing basis to ensure that registrants continue to meet them.

Pre-Registration Meeting

The CBB’s Licensing & Policy Directorate holds meetings with applicants prior to submitting an application for registration.

Important Notes

  • Applicants must not hold themselves out as having been registered until their formal application has been submitted and approved.
  • A breach of this rule may constitute grounds for refusing the application or result in penalties under the law.