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 licensing, 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.
