Qatar Central Bank (QCB) is the supreme authority with overall control, regulatory responsibility and supervisory powers for all financial services providers in Qatar, including banks, Islamic financial institutions, insurance and reinsurance companies and other financial institutions. The provision of any financial service or the conduct of any financial activity or business (including insurance and reinsurance) is prohibited unless a licence is granted by QCB.
Financial services are provided by entities registered with the Qatar Financial Centre (QFC). Insurance products are widely available from local and international companies (see Living in Qatar).
Under Law No 13 of 2012 QCB and the Regulation of Financial Services, only local insurance providers are permitted to underwrite any kind of risk against properties in Qatar. Decision No 1 of 2016 issued by the Governor of QCB provides instructions related to licencing, regulation and controls, risk management, accounting, and other requirements. Listed companies must have capital in excess of QAR100 mn or a risk-based capital, while unlisted companies must have capital higher than that set by QCB or their risk-based capital.
Decision No 7 of 2019 set out further instructions for licensing, organising and supervising the services of supporting insurance providers. It set out the competencies and expertise, the nature of the work, areas of responsibility and functions, and the establishment of professional and ethical codes of conduct.
QCB continues to regulate and develop the insurance market under the National Fintech Strategy 2023 launched in March 2023.
Qatar Central Bank grants licences to providers of website services to compare prices of insurance policies
Qatar Central Bank (QCB) has instructed that all companies providing website services comparing the prices of insurance policies must submit an application to receive the necessary licence.
QCB stated that this announcement is in alignment with the bank’s financial sector and fintech strategies, and is further proof of QCB’s commitment to regulating and upgrading the country’s financial sector.
Companies can find all the licensing and regulation instructions at qcb.gov.qa
