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Last Updated: Jun 25th, 2007 - 17:07:26 |
The Qatar Financial Centre (QFC's) Regulatory Authority announced today its new prudential regime for insurers authorised to carry on insurance business in or from QFC.
The prudential regime is set out in rules made by the Board of the Regulatory Authority and will come into effect on 1 October 2006.
The regime includes rules relating to:
• the establishment and ongoing review of a robust risk management policy, including a Risk Management Strategy;
• minimum capital requirements;
• the measurement of assets and liabilities; and
• actuarial reporting requirements.
The regime also specifically provides for Takaful entities, recognising the importance of Takaful business in the region.
Commenting on the new insurance prudential regime, Mr Phillip Thorpe, Chairman and CEO of the Regulatory Authority, said: "There has been a very high level of interest from firms wishing to conduct insurance business in and from the QFC."
"The prudential rules we are announcing today will provide insurers with a modern regime designed to meet international standards and one which emphasises the importance of careful management of risks and the protection of assets. We believe the establishment of such a regime will be a key factor in enabling the development of the QFC as a major centre for insurance business in the region."
The prudential rules are principally set out in a new rulebook, the Prudential - Insurance Rulebook (PINS). Additional provisions relating to the regime have also been included in the Controls (CTRL), Individuals (INDI) and
Interpretation and Application (INAP) Rulebooks. These also take effect from 1 October 2006.
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