HE the Governor of the Qatar Central Bank (QCB) Sheikh Abdullah bin Saud al-Thani issued Decision No 7 of 2019 on the instructions for licensing, organising and supervising the services of supporting insurance providers, pursuant to the provisions of the Law of the QCB and the Regulation of Financial Institutions No 13 of 2012.
According to a QCB statement issued Tuesday, the instructions came into force on April 1, 2019, and HE the Governor's decision obliged all those to whom the provisions of the instructions is addressed to regularise their status in accordance with the provisions of the instructions and called on all the competent authorities to implement this decision.
The statement added that these instructions are in line with the steps taken by the bank to regulate and develop the insurance market in the State of Qatar by setting the necessary legal frameworks to upgrade the professionals working in it within professional rules, which are mainly important in protecting the rights of policyholders.
The instructions placed a clear and specific mechanism for licensing procedures and required certain competencies and expertise that must be met in each supporting insurance provider including the representative of the insurance company, the insurance broker, reinsurance broker, insurance consultant, actuarial expert, inspection expert, damage assessment, insurance management company, and the bank authorised to practice bank insurance business.
The instructions also set out the nature of the work and the respective areas of responsibility and functions and also organised their relationship with the parties that deal with them as insurance companies.
They established professional and ethical codes of conduct for their business, and have also included measures and procedures that require insurance providers to ensure that their obligations are met.
They also provided provisions that must be taken in certain cases when a violation of the provisions of the law or instructions is proven.
The QCB continues its efforts to regulate the insurance market and develop it in accordance with modern international standards, thus enhancing the position of the insurance sector in the national economy and in line with the Second Strategic Plan for Financial Sector Regulation 2017-2022.