The QFC Regulatory Authority (“the Regulatory Authority”) announced today that it has agreed a settlement with NEXtCARE Lebanon SAL, QFC Branch (“NC”).
The investigation revealed that during the period April 2017 to August 2018, NC misrepresented in certain publications that it offered insurance mediation services in or from the QFC when it was not authorised to do so. As part of the settlement, NC agreed to pay the reasonable costs and expenses of the investigation of QAR 54,600 (USD 15,000).
NC was licensed on 15 August 2012 by the Qatar Financial Centre Authority (“QFC Authority”), to provide the non-regulated activity of Third Party Administration. NC demonstrated a commitment to settle the matter, cooperated with the Regulatory Authority during the course of the investigation and undertook the necessary remedial steps to address the Regulatory Authority’s concerns. The settlement agreement resolves the matter to the satisfaction of the Regulatory Authority.