BMA issues first Insurance Regional Office license to Norwich Union
The Bahrain Monetary Agency (BMA) has issued a license to Norwich Union Insurance to establish its regional office in Bahrain. The Regional Office will serve Norwich Union operations in Bahrain, the United Arab Emirates (UAE), Oman and Saudi Arabia.
A major project to enhance the Kingdom's insurance regulations is part of a four-pronged strategy being implemented by the BMA. Core elements of the strategy include expansion of the domestic sector, with the goal of positioning Bahrain as a leading insurance center in the Middle East.
The license replaces the Representative Office license for Norwich Union Insurance Gulf, which ceased to exist following the merger with Bahrain Norwich Union. The Regional Office is not allowed to transact direct insurance business in Bahrain, which is handled separately by the firm's Country Office operations, and will restrict its activities to support Norwich Union branches in the region.
Norwich Union, in association with YBA Kanoo became the first international insurance company to set up business in the Arabian Gulf in 1950. For half a century this partnership has provided government bodies, multi-national corporations, major commercial establishments and individual clients with commercial, industrial, marine and healthcare insurances. — (menareport.com)
© 2003 Mena Report (www.menareport.com)