DOHA, 24^th JANUARY 2010 

The Qatar Financial Centre Regulatory Authority (the Regulatory Authority) is inviting comment on a draft proposal it has published this week which seeks to address the issue of general insurers wishing to offer certain short-term life insurance policies in or from the Qatar Financial Centre (QFC). The policy proposal reflects the Regulatory Authority?s objective of ensuring the QFC regulatory regime continues to be of a high international standard.

The proposal would:

a          continue to require a general insurer who wants to offer short-term life policies to establish a life insurance subsidiary in order to do so;

b          restrict the scope of authorisation of the life insurance subsidiary to short-term group life contracts (but not annuities); and

c          in recognition of the limited business that the subsidiary would be authorised to undertake in or from the QFC, provide certain conditional waivers and modifications to the requirements that would normally apply to a life insurer established in the QFC.

The consultation period for responses is open until 24 February 2010.

The Consultation Paper and details for the submission of comments can be found at:

http://www.complinet.com/net_file_store/new_rulebooks/q/f/QFCRA_6797.pdf