Page 32 - QFCRA Annual Report 2014
P. 32
ervision and
Authorisation
Concomitant with assessments regulatory framework for insurance also provided a platform for open
of capital, liquidity, and risk firms operating in the State of Qatar. exchange of information between
management, and to promote This has included the provision the supervisory authorities in the
unbiased analysis and professional of training and professional State of Qatar regarding regulatory
objectivity, important changes development initiatives to QCB developments and supervisory
have been made to the process insurance staff to help build the concerns in respect of, or affecting,
of supervision. Many of these human capital that will be required any supervised entities that may
changes relate to the strategic to implement the regulatory be required to assist the supervisory
objective to continue to reflect framework that is currently process.
enhanced compliance with in development. Regulatory During 2014, the department
the recommendations received Authority supervisory staff have actively participated in various
in response to the peer review also benefitted from professional supervisory colleges hosted by
conducted by the Australian development opportunities to home jurisdictions. Participation
Prudential Regulation Authority in maintain their technical actuarial, in these supervisory colleges has
2011 and 2012. insurance and accounting advanced information-sharing with
In addition, supervisors are required expertise. relevant home supervisors, aided
to actively engage with the Macro- During the course of the year in the development of a shared
Prudential and Financial Analysis the Regulatory Authority has agenda for addressing risks and
teams in formulating bespoke actively participated in the vulnerabilities, provided a sound
supervisory programmes. Enhanced annual conference and the work platform for communicating key
training for all supervisory staff on of the International Association supervisory messages, and now
corporate governance, business of Insurance Supervisors (IAIS) as forms a vital component of bespoke
strategies, and risks was undertaken, well as its sub-committees. This supervisory programmes.
with the aim of delivering stronger participation is important to the The year’s activities have
and clearer supervisory views to Regulatory Authority as it provides significantly improved the process of
boards of directors and senior an opportunity to contribute to the supervision, thereby contributing to
management at authorised firms. IAIS’s latest policy initiatives as well overall financial stability.
Recently, the Regulatory Authority as monitor international regulatory
initiated a formal rotation plan developments and best practices. Macro-Prudential Analysis
that requires supervision staff who In the banking and asset
have tenured with an institution for management sphere, relationships In addition to strengthening risk-
three years to relinquish supervisory were strengthened significantly with based supervision at the micro-
responsibilities in respect of that the Qatar Central Bank and the prudential, or individual firm
firm and to take on supervisory Qatar Financial Markets Authority level, the Regulatory Authority
responsibilities of another firm. This in 2014. The establishment of continued to expand and refine
should allow a supervisor sufficient the Supervision Sub-Committee, its recently established macro-
time to gain an understanding of primarily to support the Financial prudential framework and oversight
a firm without sacrificing his or her Stability and Risk Control Committee capabilities in line with international
independence. in carrying out its objectives has best practice.
In accordance with our strategy of paved the way for active dialogue By considering risks and trends from
enhanced regulatory cooperation, on coordinating policy initiatives, a macro-prudential perspective, the
the Regulatory Authority has improving consistency in their Regulatory Authority is in a strong
continued to assist the Qatar implementation, and eliminating position to apply both qualitative
Central Bank’s insurance and any scope of arbitrage across and quantitative tools with which
legal departments in developing a the regulatory jurisdictions. It has
32 ANNUAL REPORT 2014
Authorisation
Concomitant with assessments regulatory framework for insurance also provided a platform for open
of capital, liquidity, and risk firms operating in the State of Qatar. exchange of information between
management, and to promote This has included the provision the supervisory authorities in the
unbiased analysis and professional of training and professional State of Qatar regarding regulatory
objectivity, important changes development initiatives to QCB developments and supervisory
have been made to the process insurance staff to help build the concerns in respect of, or affecting,
of supervision. Many of these human capital that will be required any supervised entities that may
changes relate to the strategic to implement the regulatory be required to assist the supervisory
objective to continue to reflect framework that is currently process.
enhanced compliance with in development. Regulatory During 2014, the department
the recommendations received Authority supervisory staff have actively participated in various
in response to the peer review also benefitted from professional supervisory colleges hosted by
conducted by the Australian development opportunities to home jurisdictions. Participation
Prudential Regulation Authority in maintain their technical actuarial, in these supervisory colleges has
2011 and 2012. insurance and accounting advanced information-sharing with
In addition, supervisors are required expertise. relevant home supervisors, aided
to actively engage with the Macro- During the course of the year in the development of a shared
Prudential and Financial Analysis the Regulatory Authority has agenda for addressing risks and
teams in formulating bespoke actively participated in the vulnerabilities, provided a sound
supervisory programmes. Enhanced annual conference and the work platform for communicating key
training for all supervisory staff on of the International Association supervisory messages, and now
corporate governance, business of Insurance Supervisors (IAIS) as forms a vital component of bespoke
strategies, and risks was undertaken, well as its sub-committees. This supervisory programmes.
with the aim of delivering stronger participation is important to the The year’s activities have
and clearer supervisory views to Regulatory Authority as it provides significantly improved the process of
boards of directors and senior an opportunity to contribute to the supervision, thereby contributing to
management at authorised firms. IAIS’s latest policy initiatives as well overall financial stability.
Recently, the Regulatory Authority as monitor international regulatory
initiated a formal rotation plan developments and best practices. Macro-Prudential Analysis
that requires supervision staff who In the banking and asset
have tenured with an institution for management sphere, relationships In addition to strengthening risk-
three years to relinquish supervisory were strengthened significantly with based supervision at the micro-
responsibilities in respect of that the Qatar Central Bank and the prudential, or individual firm
firm and to take on supervisory Qatar Financial Markets Authority level, the Regulatory Authority
responsibilities of another firm. This in 2014. The establishment of continued to expand and refine
should allow a supervisor sufficient the Supervision Sub-Committee, its recently established macro-
time to gain an understanding of primarily to support the Financial prudential framework and oversight
a firm without sacrificing his or her Stability and Risk Control Committee capabilities in line with international
independence. in carrying out its objectives has best practice.
In accordance with our strategy of paved the way for active dialogue By considering risks and trends from
enhanced regulatory cooperation, on coordinating policy initiatives, a macro-prudential perspective, the
the Regulatory Authority has improving consistency in their Regulatory Authority is in a strong
continued to assist the Qatar implementation, and eliminating position to apply both qualitative
Central Bank’s insurance and any scope of arbitrage across and quantitative tools with which
legal departments in developing a the regulatory jurisdictions. It has
32 ANNUAL REPORT 2014
