The Qatar Financial Centre Regulatory Authority Issues New Rules for Insurance Firms Operating from the Qatar Financial Centre

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The Qatar Financial Centre Regulatory Authority (“the QFCRA”) has recently issued new rules which amend the Insurance Business Rules 2006 (PINS) (the “2006 Rules”). The Insurance Business (Risk Management Capital Adequacy and Miscellaneous) Amendments Rules 20131 (the “2013 Rules”), issued in October 2013, will come into force on 1 January 2015. The 2013 Rules are intended for insurance firms authorised by the QFCRA.

The QFCRA aims to align the prudential framework for insurance business in the Qatar Financial Centre (“QFC”) with international best practice, to facilitate the continued development of the insurance industry in Qatar. To that end, the 2013 Rules focus on tightening risk management and solvency requirements, enhancing the rules concerning valuation of assets and liabilities, and the QFCRA’s scope to request information from insurers who are members of a group.

Discussed below are several distinctions between the 2006 Rules and the 2013 Rules, covering areas of enterprise risk management, capital adequacy, valuation, insurance groups and investments.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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