Page 29 - QFCRA Annual Report 2014
P. 29
iness plan, in order to determine preliminary meeting, at which the on the Regulatory Authority’s Public
the extent to which the applicant prospective applicant clearly sets Register on the Regulatory Authority
firm is likely to be in compliance with out its refined proposals, while website.
the relevant prudential requirements Authorisation ensures that process,
and conduct requirements set expectations, and Authorisation’s Projects
out in the regulatory framework. impartiality are all clearly explained.
This assessment ultimately seeks to The applicant firm is welcome to In 2013 the Regulatory Authority
determine the level of risk posed by take as much time as is needed commenced an engagement
an applicant firm and its intended between this preliminary meeting with the Qatar Central Bank
activities against the Regulatory and the submission of a final (QCB) in respect of the QCB’s new
Authority’s statutory objectives. application, which upon receipt, is responsibilities for the licensing and
At the conclusion of the assessment reviewed on its merits against the supervision of insurance companies
process, Authorisation formulates criteria described. operating in the State, arising from
a recommendation to the senior During the application process the promulgation in late 2012 of
management of the Regulatory Authorisation also acts as the the Law on the Qatar Central Bank
Authority as to whether a firm interface between applicants and the Regulation of Financial
should be authorised, authorised and the other QFC bodies, Institutions, Law No. (13) 2012.
with conditions or restrictions, or namely the QFC Authority and the Central to this engagement was
rejected. Companies Registration Office, the construction of a discussion
both in respect of receipt of all draft of Insurance Instructions,
Application Process applications, and the establishment which describe in detail the new
of a legal presence in the QFC responsibilities outlined in the new
Authorisation is the initial point of and the granting of a licence at QCB Law. Under the new QCB Law,
contact for all enquiries relating to the culmination of a successful insurance companies previously
the conduct of regulated activities. application. subject to Ministry of Business and
In this respect Authorisation When an applicant firm is Trade approval are required to
receives enquiries from many authorised, responsibility for apply for a licence from the QCB
sources on all aspects of the QFC monitoring and oversight passes in order to continue operating in
regulatory regime, including the to the Supervision department. the State. Consequently, in support
laws, regulations and rules, and Consequently, during the of the engagement, during the
seeks to ensure that the Regulatory authorisation process, Authorisation last quarter of 2013, Authorisation
Authority’s role and its position are will seek to ensure that Supervision commenced discussions with the
clearly understood by enquirers, staff are introduced to the firm’s QCB on a number of alternative
applicants and third parties alike. senior management, and that the licensing strategies for the State
During initial discussions with Supervision department is made insurance sector. A major focus for
enquirers, Authorisation promotes aware of all relevant matters, to Authorisation in the first half of 2014
a greater understanding of the facilitate the smooth handover of was the further development of
rulebooks and the wider QFC responsibility from Authorisation to this discussion. A work stream was
regulations, highlighting the Supervision. developed which concentrated on
relevant requirements that are likely During 2014 Authorisation received the specific licensing considerations
to impact enquirers’ proposals. a steady stream of enquiries from flowing from the early discussion
Authorisation also maintains an prospective applicants which draft of the QCB Insurance
open dialogue with professional resulted in a number of applications Instructions. Alternative licensing
services firms in this regard. being received. Details of these strategies were developed for
Once a determination is made by newly authorised firms can be the active insurer population,
an enquirer to make an application, found in Table A in this report and supported by a suite of material
Authorisation encourages a including forms, templates, internal
processes and procedures which
could be modified, adopted and
implemented upon the issue of the
ANNUAL REPORT 2014 29
the extent to which the applicant prospective applicant clearly sets Register on the Regulatory Authority
firm is likely to be in compliance with out its refined proposals, while website.
the relevant prudential requirements Authorisation ensures that process,
and conduct requirements set expectations, and Authorisation’s Projects
out in the regulatory framework. impartiality are all clearly explained.
This assessment ultimately seeks to The applicant firm is welcome to In 2013 the Regulatory Authority
determine the level of risk posed by take as much time as is needed commenced an engagement
an applicant firm and its intended between this preliminary meeting with the Qatar Central Bank
activities against the Regulatory and the submission of a final (QCB) in respect of the QCB’s new
Authority’s statutory objectives. application, which upon receipt, is responsibilities for the licensing and
At the conclusion of the assessment reviewed on its merits against the supervision of insurance companies
process, Authorisation formulates criteria described. operating in the State, arising from
a recommendation to the senior During the application process the promulgation in late 2012 of
management of the Regulatory Authorisation also acts as the the Law on the Qatar Central Bank
Authority as to whether a firm interface between applicants and the Regulation of Financial
should be authorised, authorised and the other QFC bodies, Institutions, Law No. (13) 2012.
with conditions or restrictions, or namely the QFC Authority and the Central to this engagement was
rejected. Companies Registration Office, the construction of a discussion
both in respect of receipt of all draft of Insurance Instructions,
Application Process applications, and the establishment which describe in detail the new
of a legal presence in the QFC responsibilities outlined in the new
Authorisation is the initial point of and the granting of a licence at QCB Law. Under the new QCB Law,
contact for all enquiries relating to the culmination of a successful insurance companies previously
the conduct of regulated activities. application. subject to Ministry of Business and
In this respect Authorisation When an applicant firm is Trade approval are required to
receives enquiries from many authorised, responsibility for apply for a licence from the QCB
sources on all aspects of the QFC monitoring and oversight passes in order to continue operating in
regulatory regime, including the to the Supervision department. the State. Consequently, in support
laws, regulations and rules, and Consequently, during the of the engagement, during the
seeks to ensure that the Regulatory authorisation process, Authorisation last quarter of 2013, Authorisation
Authority’s role and its position are will seek to ensure that Supervision commenced discussions with the
clearly understood by enquirers, staff are introduced to the firm’s QCB on a number of alternative
applicants and third parties alike. senior management, and that the licensing strategies for the State
During initial discussions with Supervision department is made insurance sector. A major focus for
enquirers, Authorisation promotes aware of all relevant matters, to Authorisation in the first half of 2014
a greater understanding of the facilitate the smooth handover of was the further development of
rulebooks and the wider QFC responsibility from Authorisation to this discussion. A work stream was
regulations, highlighting the Supervision. developed which concentrated on
relevant requirements that are likely During 2014 Authorisation received the specific licensing considerations
to impact enquirers’ proposals. a steady stream of enquiries from flowing from the early discussion
Authorisation also maintains an prospective applicants which draft of the QCB Insurance
open dialogue with professional resulted in a number of applications Instructions. Alternative licensing
services firms in this regard. being received. Details of these strategies were developed for
Once a determination is made by newly authorised firms can be the active insurer population,
an enquirer to make an application, found in Table A in this report and supported by a suite of material
Authorisation encourages a including forms, templates, internal
processes and procedures which
could be modified, adopted and
implemented upon the issue of the
ANNUAL REPORT 2014 29
