News Middle East19 Aug 2019

Bahrain:Central Bank issues final rules on online insurance platforms

19 Aug 2019

The Central Bank of Bahrain (CBB) last week issued final directives for online insurance platforms which are also called 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 Central Bank of Bahrain to develop InsurTech."

The CBB is one of the few central banks in the region to have introduced rules relating to insurance aggregators to further enhance the position of Bahrain as a leading FinTech hub in the MENA region.

Insurance aggregators are intermediaries with an insurance broker’s licence which operate an online platform, which provides price comparisons between insurers and facilitates the purchase of insurance policies from several insurers.
 

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