The Qatar Financial Center (QFC) Regulatory Authority has released two consultation papers with proposed changes to the regulatory environment for captive insurers, captive managers and insurance intermediaries operating in and from the QFC.
QFC said that the proposals are designed to support the development of a regional hub for captive insurance and captive managers that is centered in Qatar.
In undertaking this initiative, the Regulatory Authority said it will continue to provide a risk-based regulatory regime for captive insurers and captive managers that promotes best-practice international standards.
According to the QFC, the proposed regime will provide an opportunity for industry and commercial enterprises in Qatar, the GCC and the international community to establish captive insurers in the QFC and to use these entities as an efficient risk management tool.
QFC also said the new regime will include a dedicated rulebook for captive insurers, the Captive Insurance Business Rules, and a dedicated rulebook for captive managers and insurance intermediaries, the Insurance Mediation Business Rules.
The Regulatory Authority deputy CEO Michael Ryan said that Qatar’s insurance market is expected to see substantial growth over the coming years and the its proposed rules are designed to ensure that the appropriate regulatory structure is in place to support the growth of a stable and world-class insurance sector.