Qatar Insurance Industry – Governance, Risk and Compliance

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Qatar Insurance Industry Regulation Overview

The Qatar Financial Centre Regulatory Authority (QFCRA) and Qatar Central Bank (QCB) regulate the Qatar insurance industry along with another regulator and supervisor that is the International Association of Insurance Supervisors (IAIS).

The Qatar insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Key Regulators ·        Qatar Financial Centre Regulatory Authority (QFCRA)

·        Qatar Central Bank (QCB)

·        International Association of Insurance Supervisors (IAIS)

Compulsory Insurances ·        Motor Third-Party Liability Insurance

·        Aviation Liability Insurance

·        Marine Liability Insurance

·        Professional Indemnity Insurance

·        Social Security Insurance

Key Taxes ·        Corporate Income Tax

·        Corporate Capital Gains Tax

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Qatar Insurance Industry – Key Regulators and Legislation

Qatar Financial Centre Regulatory Authority (QFCRA): The QFCRA was established by the QFC to maintain the financial stability of the companies operating in the QFC. The body functions under the guidelines stipulated in the QFC Law, Prudential-Insurance Rulebook (PINS), and General Rulebook. Some of the primary responsibilities of the QFCRA include financial policymaking, the supervision of private financial organizations, and the incorporation of new business accounting standards.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

The laws regulating the Qatar insurance industry are:

  • QCB Law No. 13 of 2012
  • QCB New Executive Insurance Instructions 2005
  • The Financial Services Regulation 2005
  • The Insurance Business Rules 2006
  • Insurance Mediation Business Rules 2006
  • Captive Insurance Business Rules 2011

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Qatar Insurance Industry - Compulsory Insurance

Some of the compulsory insurances required within the Qatar insurance industry are:

  • Motor Third-Party Liability Insurance
  • Aviation Liability Insurance
  • Marine Liability Insurance
  • Professional Indemnity Insurance
  • Social Security Insurance

Compulsory Insurances in Qatar

Compulsory Insurances in Qatar

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Qatar Insurance Industry - Company Registration and Operation

According to Article 81(1) of the QCB Law, insurers, reinsurers, and intermediaries willing to operate in Qatar must obtain a license from the QCB. An insurer established in Qatar can be a public shareholding company, a commercial company approved by the Council of Ministers, or a foreign branch.

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Qatar Insurance Industry – Taxation

The taxes imposed in the Qatar insurance industry are Corporate Income Tax and Corporate Capital Gains Tax.

Corporate Income Tax: The Ministry of Finance – Public Revenues and Taxes Department and QFC administers taxation in Qatar in accordance to the State tax regime and the QFC tax regime. No corporate income tax is imposed on companies fully owned by Qatari nationals and GCC nationals who are residents in Qatar. Since February 2, 2023, income generated from sources outside of Qatar by resident companies, excluding the income earned by the permanent establishments located outside Qatar, are included in the basis for taxation.

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Scope

This report provides:

  • Details of the insurance regulatory framework in Qatar
  • Details of the rules and regulations governing insurance products and insurance entities
  • Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
  • Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
  • Details of the taxation imposed on insurance products and insurance companies

Key Highlights

  • The insurance industry of Qatar is regulated by the Qatar Financial Centre Regulatory Authority (QFCRA) and the Qatar Central Bank (QCB).
  • Composite insurance is not permitted, but life insurers can operate in accident and health insurance business.
  • Motor-third party liability insurance and health insurance are the key classes of compulsory insurance in Qatar.
  • Non-admitted insurance is prohibited by the law. However, non-admitted insurance can be issued for risks that are not covered by the local insurers.

Reasons to Buy

  • Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
  • Gain insights into the insurance regulatory framework in Qatar.
  • Track the latest regulatory changes and expected changes impacting the Qatari insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance products.

Table of Contents

  • 1. QATAR

    • 1.1. Legislation Overview

      • 1.1.1. Supervision and Control
      • 1.1.2. Legislation

    • 1.2. Compulsory Insurance
    • 1.3. Non-Admitted Insurance Regulations
    • 1.4. Company Registration and Operation

      • 1.4.1. License
      • 1.4.2. Foreign Direct Investment / Ownership
      • 1.4.3. Minimum Capital Requirements
      • 1.4.4. Solvency Margins
      • 1.4.5. Reserve Requirements
      • 1.4.6. Statutory Return Requirements
      • 1.4.7. Fee Structure

    • 1.5. Taxation

      • 1.5.1. Tax on Insurance Premium
      • 1.5.2. Corporate Income Tax
      • 1.5.3. Corporate Capital Gains Tax
      • 1.5.4. Value Added Tax

    • 1.6. Legal System
    • 1.7. Policy Practice

  • 2. About GlobalData
  • 3. Contact Us

Table

Qatar – Corporate Tax Rates for the Financial Year 2023

Figures

List of Tables

Qatar – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

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