• CIPR Part 6.2 CIPR Part 6.2 General requirements for insurers

    • CIPR 6.2.1 Insurers — initial disclosure document — additional requirements

      After the information required by rule 4.4.2, the initial disclosure document for an authorised firm that proposes to conduct insurance business must include information, in plain English, about the types of insurance contracts that it offers.

      Derived from QFCRA RM/2019-2 (as from 1st January 2020).

    • CIPR 6.2.2 Developing insurance products — policies and procedures

      (1) A QFC insurer must have policies and procedures, approved by the insurer's governing body and recorded in a durable medium, for the development of new insurance products (including insurance products developed by another insurer for which the QFC insurer will act as an intermediary).
      (2) The policies and procedures must ensure that any new insurance product:
      (a) is reviewed by the insurer's compliance officer to confirm that the insurer is authorised to provide or sell the product, and that the product satisfies all the requirements of these rules and any other relevant rules or laws;
      (b) in the case of a new takaful product — is approved by the insurer's Shari'a supervisory board before it is offered to the insurer's customers;
      (c) is assessed in relation to the insurer's business plan and risk appetite, and specifically in relation to its insurance risk policies and procedures;
      (d) uses adequate information and data about the sustainability of the product and how it satisfies customers' needs; and
      (e) is subjected to a thorough assessment of its main characteristics.

      The Regulatory Authority expects that a new insurance product would also be carefully reviewed by the insurer's risk management officer and the individual who exercises the actuarial function for it. The Authority considers it good practice for a QFC insurer to establish a committee in relation to product development.
      (3) A QFC insurer must adequately support any intermediary that will distribute a new product to customers.


      The support should focus on minimising the possibility of mis-selling the new product, and could include training for the intermediary's employees, or documents explaining the new product and its significant characteristics.
      Derived from QFCRA RM/2019-2 (as from 1st January 2020).

    • CIPR 6.2.3 QFC insurers' appointment of insurance intermediaries

      (1) A QFC insurer may appoint an insurance intermediary that is established in the QFC, in the State of Qatar, or in any other jurisdiction, but only if the insurer:
      (a) is satisfied that the intermediary:
      (i) can lawfully act as an insurance intermediary in the relevant jurisdiction;
      (ii) has the appropriate knowledge and ability to conduct insurance mediation business; and
      (iii) is required, in its conduct of insurance mediation business, to comply with conduct of business rules that apply to it by law; and
      (b) produces evidence to satisfy the Regulatory Authority that those rules offer equivalent consumer protection to that given by these rules.
      (2) However, an authorised firm may appoint a non-QFC insurance intermediary that does not satisfy subrule (1) (a) (iii) if the intermediary's contract of appointment contains provisions:
      (a) that require the intermediary to comply with all of the requirements of these rules as if it were acting in or from the QFC; and
      (b) by which the insurer accepts liability to customers for every act or omission of the intermediary that is directly applicable to the insurance mediation business that the intermediary conducts for the insurer.
      (3) The appointment must be recorded in a durable medium.
      (4) The QFC insurer must obtain evidence, in a durable medium, that the intermediary can lawfully act as an insurance intermediary in the relevant jurisdiction, and must retain that evidence.
      (5) A QFC insurer must establish systems and controls to verify, at least annually, that each of its appointed intermediaries can lawfully act as an insurance intermediary in the relevant jurisdiction.
      Derived from QFCRA RM/2019-2 (as from 1st January 2020).