The insurance industry might undergo an overhaul with new rules and regulations expected to be implemented soon, the Qatar Central Bank ( QCB ), which has recently been charged with supervising the sector, has hinted.
A new law that confers on the QCB additional powers to regulate the insurance industry (aside from taking care of the banking and financial services sector) repeals a Decree Law governing the insurance providers, reinsurance companies and intermediaries that was enforced 46 years ago, in 1966. Now that the insurance and reinsurance companies and their agents are placed under the QCB , the latter will "in due course" announce a new regulatory framework for the industry, Qatar News Agency (QNA) reported .
Further details were not given but it is understood that the new rules and regulations would extensively cover, among other things, motor insurance — a segment of the underwriting business that the industry generally describes as loss-making and hence doesn't pay much attention with the result that public grievances are galore.
The insurance sector fell under the Ministry of Business and Trade earlier.