Bahrain: Central Bank issues final rules on insurance aggregators
Source: Middle East Insurance Review | Oct 2019
The Central Bank of Bahrain (CBB) has in mid-August issued final directives for online insurance platforms, also known as insurance aggregators.
Mr Abdul Rahman Al Baker, executive director of financial institutions supervision at the CBB said, “The introduction of special guidelines for online brokers is the first step for the CBB to develop InsurTech.”
The CBB is one of the few central banks in MENA to have introduced rules relating to insurance aggregators to further enhance the position of Bahrain as a leading FinTech hub in the region.
Insurance aggregators are intermediaries with an insurance broker’s licence which operate an online platform, offering price comparisons between insurers and facilitating the purchase of insurance from several insurers. M