Central Bank of Bahrain issues rules for insurance aggregators

With the introduction of insurance aggregators, a customer is able to find and choose insurance quotes from several insurance companies under a single electronic platform or mobile device application

  
The Central Bank of Bahrain is seen in Manama. Image for illustrative purposes.

The Central Bank of Bahrain is seen in Manama. Image for illustrative purposes.

REUTERS/Hamad I Mohammed
Bahrain - The Central Bank of Bahrain (CBB) has issued the final rules on “insurance aggregators”.
 
Abdul Rahman Al Baker, executive director of financial institutions supervision, said: “The introduction of insurance aggregator rules is a first step for the CBB towards ‘Insuretech’, a technology led transformation of the insurance sector which is rapidly gathering momentum globally.
 
The CBB is one of few central banks 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 who operate an online platform, whether hosted on an Internet website or available as a smart device application (app) which provides price comparisons and facilitates the purchase of insurance policies from several insurance licensees.
 
With the introduction of insurance aggregators, a customer is able to find and choose insurance quotes from several insurance companies under a single electronic platform or mobile device application, instead of obtaining quotes individually, and purchase an insurance policy online from an insurance company.
 
The rules are available on CBB’s website (www.cbb.gov.bh). -TradeArabia News Service

Copyright 2019 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Commercial