Consolidation of the Qatari insurance market

Qatar Central Bank (QCB) has introduced a series of amendments to the insurance code. In force as of April 2016, the modifications apply to license delivery, risk management, supervision, accounting reports and actuaries.

Setting the new minimum share capital stands among the highlights of those amendments. Listed insurers are now required to detain a share capital that is above 100 million QAR (27.5 million USD) or at least equal to the level required by the pattern of their venture capital. Non-listed companies are required to maintain a capital amount above that indicated by QCB or that issued from the venture capital pattern validated by authorities.

Specific instructions regarding investments have also been published. According to Moody’s, these amendments are likely to bring closer ties between the different companies in the business.

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