New regime designed to support the development of Qatar as a regional centre for captive insurance
The Qatar Financial Centre (QFC) Regulatory Authority released a new regulatory framework for captives, their managers and brokers, designed to attract captives to Qatar.
Tthe Captive Insurance Business Rules 2011 and Insurance Mediation Business Rules 2011 took effect on July 1 and they are designed to “support the development of Qatar as a regional centre for captive insurance”.
According to a QFC statement: “The implementation of the new insurance rules comes at a time when companies in Qatar and the region, who are involved in major capital projects, are increasing their focus on more effective and efficient risk management strategies and exploring the use of captives as a method of better controlling risks and insurance costs.”
The Regulatory Authority Deputy CEO, Michael Ryan, said: “Captive insurance offers significant risk management opportunities for companies based in Qatar and the region. Our new regime has benefitted from extensive consultation with global captive insurance managers and that consultation process has helped us to ensure that the new framework meets international standards and provides a strong foundation for the successful development of a captive and reinsurance market in Qatar.”
