Qatar Central Bank issues executive insurance regulations
Wednesday, 03 30 2016, Category: Insurance and Reinsurance, Country: Qatar
His Excellency Sheikh Abdulla Bin Saoud Al-Thani Governor of the Qatar Central Bank issued decision No (1) of year 2016 on the executive insurance regulations and the insurance corporate governance principles in line with the Qatar Central Bank law and the financial insurance regulations governed by law No 13 of year 2012.
The law detailed many instructions related to licensing, systems, controls, risk management, accounting, actuarial reports and prudential requirements.
The new law stipulated that the listed insurance companies should have a capital equal to the maximum of QR 100 million and the risk-based capital. However, non-listed companies should have a capital equal to the maximum of a an amount set by the central bank and the risk-based capital where insurance branches should have a QR 35 million deposit amount.
Source: Federation of Arab News Agencies