Manama, Bahrain – 22nd April 2019 – The Central Bank of Bahrain (“CBB”) issued the draft rules on “insurance aggregators”. Insurance aggregators are intermediaries with an insurance broker’s license 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 insurance online from a single insurance company.
Mr. 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, especially due to demands from millennials. The CBB is one of few central banks to have introduced rules relating to insurance aggregators helping Bahrain to be a leading financial hub in the MENA region.”