Bahrain: Draft Insurance Aggregator Rules Issued

Bahrain’s Central Bank has announced it has issued draft insurance aggregator rules. 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 which provides price comparisons and facilitates the purchase of insurance policies from several insurance licensees. By introducing insurance aggregators, customers will be 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. The move is the first step towards Insuretech which is a technology-led transformation of the insurance sector. Copies of the directive are available on the Central Bank Website.

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