CAPI Glossary

(see r 1.1.3)

authorisation means an authorisation granted under the Financial Services Regulations, part 5.

authorised firm (or firm) means a person that has an authorisation.

Note Person and authorisation are defined in this glossary.

business day means a day that is not a Friday, Saturday, or a public or bank holiday in Qatar.

captive insurance business has the meaning given in rule 1.2.2.

captive insurance management has the meaning given in rule 1.2.8.

captive insurance manager has the meaning given in rule 1.2.7.

carrying out contracts of insurance means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 3.

Note Regulated activity is defined in this glossary.

category, of a contract of insurance, means a category under the Financial Services Regulations, schedule 3, part 3, paragraph 10.

cedent means a firm which arranges to transfer all or part of the risk undertaken under a contract of insurance to another insurer, in order to reduce its exposure.

Note Cedent is also known as reinsured.

cell means a cell created by a protected cell company for the purpose of segregating and protecting cellular assets in the manner provided by the Companies Regulations.

cellular assets of a protected cell company means the assets of the company that are attributable to its cells.

class 1 captive insurer has the meaning given in rule 1.2.3.

class 2 captive insurer has the meaning given in rule 1.2.4.

class 3 captive insurer has the meaning given in rule 1.2.5.

class 4 captive insurer means a captive insurer authorised under rule 1.2.6.

Companies Regulations means the QFC Companies Regulations 2005.

company means an entity incorporated under—

(a) the Companies Regulations; or
(b) the law of a country or territory outside the QFC where the liability of each of its members (in its capacity as a member) is limited, under the laws of that jurisdiction, to the amount of its capital contribution to the company.

compliance oversight function has the meaning given by CTRL, rule 3.1.9.

contract of insurance means the specified product described in the Financial Services Regulations, schedule 3, part 3, paragraph 10.

contract of reinsurance means a contract of insurance covering all or part of a risk to which a person is exposed under a contract of insurance.

controlled function has the meaning given in the Financial Services Regulations, article 41 (2).

CTRL means the Governance and Controlled Functions Rules 2012.

document means a record of information in any form (including electronic form), and includes, for example—

(a) anything in writing or on which there is writing; and
(b) anything on which there are figures, marks, numbers, perforations, symbols or anything else having a meaning for individuals qualified to interpret them; and
(c) a drawing, map, photograph or plan; and
(d) any other item or matter (in whatever form) that is, or could reasonably be considered to be, a record of information.

Note Writing is defined in this glossary.

effecting contracts of insurance means the regulated activity described in the Financial Services Regulations schedule 3, part 2, paragraph 2.

employee, in relation to a person (A), means an individual—

(a) who is employed or appointed by A, whether under a contract of service or services or otherwise; or
(b) whose services are, under an arrangement between A and a third party, placed at the disposal and under the control of A.

entity means any kind of entity, and includes, for example, any person.

Note Person is defined in this glossary.

exercise a function means exercise or perform the function.

Note Function is defined in this glossary.

finance function has the meaning given by CTRL, rule 3.1.5.

financial condition report means the report required to be prepared by a reporting actuary under chapter 7.

firm (or authorised firm) means a person that has an authorisation.

Note Person and authorisation are defined in this glossary.

function means any function, authority, duty or power.

general insurance business means the business of effecting contracts of insurance or carrying out contracts of insurance, where the contracts of insurance are general insurance contracts.

general insurance contract means a contract of insurance that falls within 1 or more of the categories described in the Financial Services Regulations, schedule 3, part 3, paragraph 10.3.

governing body, of an entity, means its board of directors, committee of management or other governing body (whatever it is called).

group means the following:

(a) a legal person (A);
(b) any parent entity of A;
(c) any subsidiary (direct or indirect) of A or of any parent entity of A.

Note Legal person, parent entity and subsidiary are defined in this glossary.

INAP means the Interpretation and Application Rules 2005.

INDI means the Individuals (Assessment, Training and Competency) Rules 2014.

insurance business is the business of conducting either or both of the following regulated activities:

(a) effecting contracts of insurance;
(b) carrying out contracts of insurance.

Note Regulated activity and the regulated activities mentioned in this definition are defined in the glossary.

insurance liabilities, of a QFC captive insurer, means liabilities of the captive insurer arising out of its general insurance business and long term insurance business.

inadmissible assets has the meaning given in rule 3.1.7.

intangible assets has the meaning given in rule 3.1.6.

jurisdiction means any kind of legal jurisdiction, and includes, for example—

(a) the State of Qatar; and
(b) a foreign country (whether or not an independent sovereign jurisdiction), or a state, province or other territory of such a foreign country; and
(c) the Qatar Financial Centre or a similar jurisdiction.

legal person means an entity (other than an individual) on which the legal system of a jurisdiction confers rights and imposes duties, and includes, for example, any entity that can own, deal with or dispose of property.

Examples

1 a company
2 any other corporation
3 a partnership, whether or not incorporated
4 an association or other undertaking, whether or not incorporated.

Note Entity, jurisdiction and property are defined in this glossary.

long term insurance business means the business of effecting contracts of insurance or carrying out contracts of insurance, where the contracts of insurance are long term insurance contracts.

long term insurance contract means a contract of insurance that falls within 1 or more of the categories described in the Financial Services Regulations, schedule 3, part 3, paragraph 10.4.

long term insurance fund means a fund established or constituted under part 8.2.

MLRO function means the function of being an authorised firm’s money laundering reporting officer under the Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019.

month means calendar month.

office includes position.

parent entity, for a legal person (A), means any of the following:

(a) a legal person that holds a majority of the voting power in A;
(b) a legal person that is a member of A (whether direct or indirect, or though legal or beneficial entitlement) and alone, or together with 1 or more legal persons in the same group, holds a majority of the voting power in A;
(c) a parent entity of any legal person that is a parent entity of A.

Note Legal person and group are defined in this glossary.

person means—

(a) an individual (including an individual occupying an office from time to time); or
(b) a legal person.

Note Office and legal person are defined in this glossary.

property means any estate or interest (whether present or future, vested or contingent, or tangible or intangible) in immovables or property of any other kind, and includes, for example—

(a) money of any currency; and
(b) bonds, securities, shares, and other negotiable or non-negotiable instruments of any kind; and
(c) any right to interest, dividends, or other income, on or accruing from or generated by immovables or property of any other kind; and
(d) any other things in action; and
(e) any other charge, claim, demand, encumbrance, lien, power, privilege, right, or title, recognised or protected by the law of any jurisdiction over, or in relation to, immovables or property of any other kind; and
(f) any other documents evidencing title to, or to any interest in, immovables or property of any other kind.

Note Jurisdiction and document are defined in this glossary.

protected cell company means a company incorporated as, or converted into, a protected cell company under the Companies Regulations.

QFC means the Qatar Financial Centre.

QFC captive insurer has the meaning given in rule 1.2.1.

reporting actuary means an actuary appointed under rule 7.1.2 (Firm must appoint reporting actuary) to prepare a financial condition report.

reference date, for a financial condition report, has the meaning given in rule 7.1.1 (4).

regulated activity means an activity that is a regulated activity under the Financial Services Regulations.

Regulatory Authority means the Regulatory Authority of the QFC.

senior executive function has the meaning given by CTRL, rule 3.1.4.

strategy and risk document has the meaning given in rule 2.3.3.

subsidiary — a legal person (A) is a subsidiary of another legal person (B) if B is a parent entity of A.

Note Legal person and parent entity are defined in this glossary.

surplus determination, in relation to a financial condition report, means a determination of the value of a surplus under rule 7.2.2 (1) (g).

writing means any form of writing, and includes, for example, any way of representing or reproducing words, numbers, symbols or anything else in legible form (for example, by printing or photocopying).

Amended by QFCRA RM/2014-6 (as from 1st January 2015)
Amended by QFCRA RM/2020-6 (as from 15th October 2020)