Page 78 - Annual Report 2016 EN

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PARTNERING WITH PEER

REGULATORS IN QATAR

The Regulatory Authority continued to work closely with the Qatar
Central Bank and the Qatar Financial Markets Authority under
the auspices of the Financial Stability and Risk Control Commit-
tee chaired by His Excellency, Sheikh Abdulla Bin Saoud Al-Thani,
Governor of the Qatar Central Bank and Chairman of the Regu-
latory Authority. Key examples of close coordination are outlined
throughout this report.
The Policy department prepares a monthly Regulatory Develop-
ments Review, a comprehensive summary and assessment of key
international and regional regulatory developments, proposals and
changes. This is shared each month with peer regulators in Qatar.

Collaborating on insurance instructions

The Qatar Central Bank is responsible under Law No. 13 of 2012 for
regulating insurance companies, reinsurance companies and other
people or entities carrying on insurance-related activities (such as
insurance intermediaries) in the State of Qatar.

In March 2016, the Qatar Central Bank issued Executive Instructions
for the Insurance Sector and Principles of Governance of Insurance
Companies. These instructions became effective on 1 April 2016.
The instructions, which were developed collaboratively by the
Qatar Central Bank and the Regulatory Authority, were designed
to ensure that the regulation of insurance firms is closely aligned
between the Qatar Central Bank and the Qatar Financial Centre
in the key areas of licensing, prudential requirements and market
conduct requirements.

In addition to financial sector regulatory coordination, the Policy
and Legislative Counsel departments were invited by other Qatar
stakeholders, agencies and ministries to participate in and con- QATAR RENMINBI CENTRE: RMB 580
tribute to various State initiatives with the Qatar Financial Centre BILLION TRANSACTIONS TO DATE
Authority, the Qatar Development Bank, the Qatar Mobility Inno-
vations Centre, the Ministry of Transport and Communications and Regulatory Authority Chief Exec-
the Qatar Chamber of Commerce. utive Officer Michael Ryan, left,
with Ms Wang Hailu, Deputy Gen-
eral Manager of the Global Market
Department, ICBC China