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HE Governor of the Qatar Central Bank (QCB) Sheikh Abdullah bin Saud al-Thani yesterday issued decision No (1) of 2016 on executive instructions for insurance sector and principles of governance of insurance companies, pursuant to the provisions of the Qatar Central Bank Act and the regulation of financial institutions promulgated by Law No (13) of 2012. The law defines a set of instructions related to licensing, regulations and controls, risk management, accounting and actuaries’ reports, in addition to prudential requirements.
The new law stipulates that listed insurance companies must hold capital above QR100mn, or a risk-based capital. Unlisted insurance companies must have a capital higher than the figure set by the QCB or the risk-based capital. Branches of insurance companies must deposit QR35mn.
The law defines the business controls for insurance companies and other issues, including the notifications and precautionary reports to the QCB, as well as topics related to senior owners and changes in ownership in insurance companies, supervision of the group, converting business, stop insurance business, and the transition period for the overall application.
The instructions are the first of the kind, which regulate the insurance industry in the state comprehensively, QCB said in a statement.
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