The governor of the Central Bank of Qatar (CBQ) has issued a decree (Decree No. 7 of 2019) which includes instructions for the licensing, regulation and supervision of insurance-related service providers. The instructions took effect on 1 April 2019.
As per a statement by the CBQ, the instructions are in line with the steps taken by the Bank to regulate and develop the insurance market in Qatar by building the necessary legal framework to upgrade the level of the professionalism in the field, which is of great importance in protecting the rights of policyholders.
The instructions cover clear and specific licensing procedures as well as the required competencies and expertise for the various types of insurance-related service providers which include an insurance company’s representative, insurance broker, reinsurance broker, insurance consultant, actuarial expert, damage assessor and surveyor, third party insurance administrators and banks authorised to practise bancassurance business.
The instructions also set out the rules of professional and moral conduct of business by insurance-related service providers and regulate their relations with other parties they deal with, such as insurance companies. It also establishes the professional code of ethics related to their businesses as well as the measures and procedures required to ensure that they meet their commitments. The instructions lay down the procedures to be taken in cases of violation of the provisions of the law or regulations.
The CBQ continues its efforts to regulate and develop the insurance market in accordance with modern international standards, thus enhancing the position of the insurance sector in the economy in line with the second strategic plan for the Regulation of the Financial Sector 2017-2022.