DOHA: The Qatar Central bank (QCB) has extended the deadline set for the insurance, reinsurance and Takaful companies to implement its new regulations.
As per original schedule, the institutions were supposed to comply to the new regulations from the end of May. After realising that the insurance companies needed more time to reposition themselves to implement the new regulations, the central bank has extended the deadline to November 30, Al Sharq reported.
The new operational instructions to the insurance sector is intended to further tightening the control over the agencies engaged in insurance business and their representative offices. The proposed regulations restrict the companies and insurance practitioners from getting involved in cross-border activities.
The central bank’s new regulations demands better transparency, good governance and effective risk management from the companies. The regulatory body will suspend or cancel the operational licence of the company that fail to adhere to the regulations, without prior notice. The review mechanism will have have the legitimacy of Sharia Supervisory Board.
The QCB regulation requires the insurance companies to simplify their procedures and finance agreements and to be transparent in relation to their pricing and features of products and services.
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