Qatar: Central Bank extends deadline by 6 months to comply with insurance rules
Source: Middle East Insurance Review | Oct 2015
The Qatar Central Bank (QCB), which oversees the insurance and other financial services sectors, has extended the deadline for insurance, reinsurance and takaful companies to comply with its new regulations.
Under the original schedule, companies were supposed to have started complying with the new regulations at the end of May. After realising that companies needed more time to reposition themselves to implement the new regulations, the QCB has extended the deadline to 30 November, according to a report in The Peninsula newspaper.
The new rules for the insurance sector are intended to tighten control over insurance agencies and representative offices. The proposed regulations restrict the companies and insurance practitioners from getting involved in cross-border activities.
The new regulations also demand better transparency, good governance and effective risk management from insurance companies. Under the new rules, insurers must simplify their procedures and contracts, and be transparent in their pricing, product features and services.
The regulatory body will suspend or cancel the licence of any company that fails to adhere to the regulations.