A new law has been passed handing over the licensing and supervision of insurance and reinsurance companies to the Qatar Central Bank (QCB).
The Law of the Qatar Central Bank and the Regulation of Financial Institutions was enacted on 2 December 2012.
The new law will help to advance the framework for financial regulation and supervision in the state of Qatar.
Under the law, QCB will be responsible for the licensing and supervision of insurance companies, reinsurance companies and insurance intermediaries that were previously under the remit of the Ministry of Business and Trade.
QCB plans to publish further details on the new regulatory framework for the insurance sector in due course.
Sheikh Abdullah Saoud Al Thani, governor of the QCB, said: “The new law is an important step in continuing to build a resilient financial sector for the State of Qatar that operates to the highest international standards of regulation and supervision and best practices."
