Central Bank of Qatar issues a legislation for insurance intermediaries

QatarThe Central Bank of Qatar (CBQ) has issued a decree (Decree No. 7 of 2019) involving instructions for insurance intermediaries and insurance-related service providers.

The instructions involving the licensing procedures, took effect on April 1st, 2019.

These latter regulate the activities of bancassurance, insurance company’s representatives, insurance brokers, reinsurance brokers, insurance consultants, actuarial experts, damage assessors and surveyors along with third party insurance administrators.

The decree enunciates the rules of professional and moral conduct as well as the professional code of ethics by which all service providers shall abide.

The newly issued legislation aims at establishing a legal framework consistent with the international standards.

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