The Central Bank of Bahrain (CBB) has become the first regulator in the Middle East to set a minimum qualification bar for representatives of insurance companies to practice in the Kingdom.

The CBB resolution is aimed at strengthening the regulations for the insurance market in Bahrain and also enhance the public perception of the insurance market.

To underpin this initiative, the BIBF and the CII worked together to introduce international recognized qualification with a regional emphasis, said a top CBB official.

“By introducing this ancillary profession, the CBB expect that the insurance market will grow many folds and the buying public can be assured that they are dealing with well trained and competent insurance representatives,” said Nader Al Mandeel, director, Insurance Supervision Directorate, at the CBB.

“With the support of the BIA and BIBF and the association of the CII, the CBB see this as an opportunity for the insurance sector to expand their sales force which would in turn increase the insurance premiums both in life and general classes,” added Al Mandeel.

The representatives' qualification has been recognized by the Central Bank of Bahrain as a requirement for insurance agents in the insurance industry.

Commenting on the move, Yasser Albaharna, vice chairman, at the Bahrain Insurance Association said “This is a major development for the insurance market in Bahrain and will no doubt enhance the reputation of the Bahrain insurance sector, both locally and regionally.”

This qualification will be available both in English and Arabic, and is welcomed and supported by the BIA.

'The BIBF is proud to join the CBB and CII efforts and looking forward to supporting the Bahrain Insurance Industry enhancing its human resources and in meeting the international recognized standards,' remarked Husain Alajmi, assistant director & head of Insurance Learning Centre, at the BIBF.

Mark Greenwood, head of Mena Region at the CII, said, 'The CII is delighted to work with the CBB and the BIBF on this initiative. The CII has been working with insurance regulators and the industry throughout the region and we hope this is the first of many such initiatives.'

'This is also the first time we have produced our qualifications in a language other than English which will encourage further professional development in the Middle East,' he added.-TradeArabia News Service