DOHA: The Governor of Qatar Central Bank (QCB) H E Sheikh Abdullah bin Saud Al Thani yesterday issued a set of key instructions to the insurance sector related to the industry’s licensing, regulations, risk management accounting and actuaries norms.
The new regulations stipulates that listed insurance companies must have a capital above QR100m or a risk-based capital. Unlisted insurance companies must have a capital higher than the figure set by the Central Bank or the risk-based capital. According to the fresh directives, branches of insurance companies must deposit QR35m.
The law defines the business controls for insurance companies and other issues, including the notifications and precautionary reports to the Central Bank, as well as issues related to senior owners and changes in ownership in insurance companies, supervision of the group, converting business, stop insurance business, and the transition period for the overall application.
The directives issued by QCB yesterday, are the first of its kind which aimed at regulating the insurance industry in the state comprehensively, QCB said in a statement. The instructions have been issued in accordance with the basic principles of insurance issued by the International Association of Insurance Supervisors, and the leading regional and global circuits.
The new instructions will go into force as of April 2016. All insurance, reinsurance, takaful and retakaful companies as well as branches of foreign companies in the country are required to adjust their positions according to the decision.The Peninsula
DOHA: The Governor of Qatar Central Bank (QCB) H E Sheikh Abdullah bin Saud Al Thani yesterday issued a set of key instructions to the insurance sector related to the industry’s licensing, regulations, risk management accounting and actuaries norms.
The new regulations stipulates that listed insurance companies must have a capital above QR100m or a risk-based capital. Unlisted insurance companies must have a capital higher than the figure set by the Central Bank or the risk-based capital. According to the fresh directives, branches of insurance companies must deposit QR35m.
The law defines the business controls for insurance companies and other issues, including the notifications and precautionary reports to the Central Bank, as well as issues related to senior owners and changes in ownership in insurance companies, supervision of the group, converting business, stop insurance business, and the transition period for the overall application.
The directives issued by QCB yesterday, are the first of its kind which aimed at regulating the insurance industry in the state comprehensively, QCB said in a statement. The instructions have been issued in accordance with the basic principles of insurance issued by the International Association of Insurance Supervisors, and the leading regional and global circuits.
The new instructions will go into force as of April 2016. All insurance, reinsurance, takaful and retakaful companies as well as branches of foreign companies in the country are required to adjust their positions according to the decision.The Peninsula
