The Qatar Financial Centre (QFC) Regulatory Authority has issued new prudential rules for insurance firms operating within the QFC premises, following public discussions with these companies.
“The amendments to the QFC Insurance Business Rules align the prudential framework in the QFC with recent developments in international best practice, and position the regulatory framework to meet the continued expansion in activity by QFC insurers,” said Michael Ryan, CEO of the QFC Regulatory Authority.
“The new rules come into force on January 1, 2015. Between now and then, the Regulatory Authority will be working with the QFC insurers as they make the transition to the new framework, in order to address any implementation issues,” he added.
The new rules enhance the QFC regulatory framework, particularly in the areas of capital adequacy, enterprise risk management, valuation, investments, and insurance groups.