Qatar Insurance Industry – Governance, Risk and Compliance

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Qatar Insurance Industry Regulation Overview

Qatar Financial Centre Regulatory Authority (QFCRA) and Qatar Central Bank (QCB) regulate the Qatar insurance industry along with one of the other regulators and supervisors, the International Association of Insurance Supervisors (IAIS).

The Qatar insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.

Key Regulators ·       Qatar Financial Centre Regulatory Authority (QFCRA)

·       Qatar Central Bank (QCB)

·       International Association of Insurance Supervisors (IAIS)

Compulsory Insurances ·       Motor Third-Party Liability (MTPL) Insurance

·       Aviation Liability Insurance

·       Marine Liability Insurance

·       Professional Indemnity Insurance

·       Social Security Insurance

Key Taxes ·       Tax on Insurance Premium

·       Corporate Income Tax

·       Corporate Capital Gains Tax

·       Value Added Tax

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Qatar Insurance Industry – Key Regulators and Legislation

Qatar Financial Centre Regulatory Authority (QFCRA): The QFCRA is responsible for regulating financial services. The QFCRA was established by the QFC in 2005 to maintain the financial stability of the companies operating in the QFC. The QFCRA functions by the guidelines stipulated in the QFC Law, Prudential-Insurance Rulebook (PINS), and General Rulebook.

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.

A few of 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

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Qatar Insurance Industry - Compulsory Insurance

A few of the compulsory insurances required within the Qatar insurance industry are:

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

Compulsory Insurance in Qatar

Compulsory Insurance in Qatar

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Qatar Insurance Industry - Company Registration and Operation

A license is required to operate in the Qatar insurance industry. The Qatari insurance industry is served by insurers, reinsurers, insurance agents, and brokers. Intermediaries act as distributors of insurance or reinsurance products and services. An intermediary sells, solicits, or negotiates insurance contracts with customers on behalf of firms for compensation. Intermediaries also counsel customers and provide advice on various insurance products.

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Qatar Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Qatar. The other taxes imposed are corporate income tax, corporate capital gains tax, and value-added tax.

Corporate Income Tax: In Qatar, there are two tax regimes, the State tax regime and the QFC tax regime. Any company incorporated under the Qatari Law, whose head office is in Qatar, or the effective management is in Qatar is considered a resident company under the state tax regime. Furthermore, no corporate income tax is imposed on companies fully owned by Qatari nationals and GCC nationals who are residents of Qatar.

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Scope

  • The report covers details of the insurance regulatory framework in Qatar.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of 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).
  • 100% foreign direct investment is permitted in the Qatari insurance industry under both the QCB regime and the QFC regime.
  • Composite insurance is not permitted; however, life insurers can operate in the 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

  • Get 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 Qatar 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

Qatar

Legislation Overview

Supervision and Control

Legislation

Compulsory Insurance

Non-Admitted Insurance Regulations

Company Registration and Operation

License

Foreign Direct Investment / Ownership

Minimum Capital Requirements

Solvency Margins

Reserve Requirements

Statutory Return Requirements

Fee Structure

Taxation

Tax on Insurance Premium

Corporate Income Tax

Corporate Capital Gains Tax

Value Added Tax

Legal System

Policy Practice

About GlobalData

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Table

Qatar – Corporate Tax Rates for the Financial Year 2024

Figures

List of Tables

Qatar – Corporate Tax Rates for the Financial Year 2021

Frequently asked questions

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