CAPTIVE INSURANCE

The QFC Regulatory Authority launched a regulatory regime for captive insurance business and insurance mediation in July 2011. The insurance regime is contained in CAPI, Captive Insurance Business Rules 2011 and IMEB, Insurance Mediation Business Rules 2011.

The regime was implemented following a thorough review of best practice among regulators with an active captive insurance industry and a public consultation process with stakeholders in Qatar. The regulatory regime permits the establishment of protected cell companies as captive insurers. It also creates captive insurance management as a new regulated activity in the QFC, and specifies that only captive managers authorised by the QFC Regulatory Authority may manage QFC-based captives. The risk-based prudential requirements embedded in CAPI and IMEB follow international best practice as they are similar to those used in other leading jurisdictions. The QFC Regulatory Authority has also implemented a customised application procedure to facilitate an efficient authorisation process of captive insurers in the QFC. 

These activities culminated with the QFC Regulatory Authority publishing A Guide to the QFC Captive Insurance Regime in October 2011.