Qatar: Central Bank to regulate insurance price comparison platforms
Source: Middle East Insurance Review | Nov 2023
The Qatar Central Bank (QCB) has announced that it aims to regulate insurance policy price comparison sites service providers in the country.
The QCB will establish a suitable regulatory framework for emerging fintech companies and develop smart solutions, according to a report by Gulf Times.
The regulator has started to receive applications for establishing insurance policy price comparison sites, adding that it will accept applications until 2 December.
“Qatar Central Bank is keen to provide effective and valuable initiatives that help create a favourable environment for fintech companies to shape the future of the financial technology in Qatar,” according to a bank statement.
“The insurance policy price comparison sites will provide customers with complete flexibility when choosing an insurance policy to make the best decisions before purchasing insurance products, by comparing these products in terms of features and prices, in the fastest way possible, which saves time and effort in searching for suitable options.
“Insurance policy price comparison sites also contribute to enhancing the principle of transparency by giving customers access to unbiased information that enables them to choose insurance products that suit their needs,” said QCB. M