New prudential rules for insurance firms operating from the Qatar Financial Centre (QFC) were issued by the QFC Regulatory Authority.

It was issued following extensive public consultation and dialogue with QFC firms, said a statement.

“The amendments to the QFC Insurance Business Rules align the prudential framework in the QFC with recent developments in international best practice, and position the regulatory framework to meet the continued expansion in activity by QFC insurers,” said Michael Ryan, chief executive officer of QFC Regulatory Authority.

“The new rules come into force on January 1, 2015.  Between now and then, the Regulatory Authority will be working with the QFC insurers as they make the transition to the new framework, in order to address any implementation issues,” Ryan said.

The new rules enhance the QFC regulatory framework, particularly in capital adequacy, enterprise risk management, valuation, investments and insurance groups.

This initiative supports the authority’s ongoing commitment to meet high international regulatory standards, and supports the continued development of the QFC as a leading financial and business centre in the region. - TradeArabia News Service