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).|