Posted on April 11, 2011

The Qatar Financial Centre Regulatory Authority (QFCRA) has begun consultations with the stakeholders in run to up make changes to its regulatory environment for captive insurers, captive managers and insurance intermediaries.

The regulatory authority has issued two consultation papers, designed to underpin the development of a regional hub for captive insurance and captive managers that is centred in Qatar, QFCRA said in a statement . "Qatar’s insurance market is expected to see substantial growth over the coming years and the regulatory authority’s 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,’’ Michael Ryan, QFCRA deputy CEO, said.

The QFCRA will continue to provide a robust and risk-based regulatory regime for captive insurers and captive managers that promotes best-practice international standards, said a regulatory authority spokesman. The proposed regime provides an opportunity for industry and commercial enterprises in Qatar, the GCC (Gulf Cooperation Council) region and the international community to establish captive insurers in the QFC and to use these entities as an efficient risk management tool. The new insurance regime of the QFCRA will include a dedicated rulebook for captive insurers, "Captive Insurance Business Rules", and a dedicated rulebook for captive managers and insurance intermediaries, "Insurance Mediation Business Rules".

These drafts rules are also being made available for public consultation. The two consultation papers were issued to follow a preliminary consultation paper that was sent out for comment in June last year to all authorised firms, captive insurers, and captive managers.