Manama – The Bahrain Institute of Banking and Finance (BIBF), in collaboration with the Bahrain Insurance Association (BIA), hosted a specialized panel discussion titled “Compliance in Re-/Insurance: From International Practice to Local Challenges” at the BIBF headquarters in Manama. The session brought together more than 70 professionals from insurance and reinsurance companies, as well as brokers and industry experts.

The event forms part of the ongoing joint efforts to enhance governance and compliance standards, strengthen alignment between the industry and regulatory bodies, and elevate the readiness of Bahrain’s insurance sector as a leading regional hub. 

The session opened with welcome remarks delivered by Mr. Olaf Brock, Chairman of the Legal and Compliance Committee at the Bahrain Insurance Association and Managing Director of Hannover Retakaful Bahrain, and Ms. Manal Mashkoor, Head of the Insurance Centre at the BIBF. Both speakers emphasized the importance of embedding a robust compliance culture within organisations, ensuring consistency between professional practices and regulatory requirements, and promoting sector-wide collaboration to support sustainable industry development.

Ms. Nadine Menges, Team Manager for Compliance at Hannover Re in Germany, delivered the keynote address on “Global Expectations Relating to a Functioning Compliance Management System: Implementation Considerations.” She highlighted international standards, global supervisory expectations, and best practices for establishing effective compliance systems within insurance companies.

The event concluded with a high-level interactive panel titled “Insurance Compliance: Between Regulatory Expectations and Licensee Perspectives.” The panelists included Ms. Manal Mashkoor - Head of Insurance Studies Centre at BIBF, Ms. Sana Alawi - Chairperson of AON Bahrain, Ms. Nadine Menges - Compliance Manager at Hannover Re Germany, Mr. Salman Ismail - Compliance Manager & MLRO at Arabia Insurance, and Mr. Ridwaan Patel - Chief Risk & Compliance Officer at Hannover Re Bahrain. The panel was moderated by Mr. Olaf Brock, Chairman of the Legal and Compliance Committee at the Bahrain Insurance Association.

Discussions covered key local regulations affecting the insurance and reinsurance sector, the BIBF’s role in specialized compliance training and sectoral awareness, regional case studies on emerging compliance challenges, and approaches to aligning local frameworks with international AML/CFT and compliance standards.

Commenting on the event, Dr. Ahmed Al-Shaikh, Chief Executive Officer of the BIBF, stated: “The BIBF remains firmly committed to supporting the development of Bahrain’s insurance sector by strengthening governance and compliance culture, and by providing professionals with the advanced knowledge required to meet international standards. Our continued collaboration with the BIA reflects our shared commitment to enhancing market readiness, reinforcing competitiveness, and supporting the Kingdom’s vision for a robust and progressive financial sector.”

On his part, Mr. Olaf Brock, Chairman of the Legal and Compliance Committee at the BIA, said: “Compliance plays a vital role in strengthening the re-/insurance sector by fostering transparency and enabling us to stay ahead of emerging challenges. Our discussions reinforced that governance and accuracy are fundamental to every transaction, reminding us that upholding compliance is a shared responsibility that ultimately builds a stronger, more transparent industry”.

The session concluded with both organisations reaffirming the importance of ongoing joint initiatives to raise professional compliance standards and reinforce Bahrain’s position as a distinguished regional hub for insurance and reinsurance.