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QFC: Insurance Market Growth Stimulates Economic Environment

Wednesday, 01 September 2010 10:44

Qatar (Doha) - The expansion of the insurance market is "increasingly contributing towards the growth and diversity" of Qatar's economy, a top executive of the financial regulatory authority said. Qatar Financial Centre (QFC) Regulatory Authority Chairman and Chief Executive Officer, Phillip Thorpe, said in a media statement, "We continue to see the insurance market growing at a strong rate and increasingly contributing to the growth and diversity of the Qatari economy. The Regulatory Authority is responding to this growth by establishing new regulatory structures to assist the further development of the insurance sector."

The Regulatory Authority here is committed to setting up regulatory structures and facilitating the development of a competitive insurance market that best serves its clients.

The Authority took a step forward in developing Doha as an insurance hub when it authorised this Kane LLC to undertake regulated activities in or from the QFC, the statement said.

The authorisation comes reaffirms the Authority s recent release of a consultation paper on a series of proposals documented to develop the QFC as an insurance and captive hub for the region.

"We are pleased to see firms such as Kane bringing specialist knowledge and products to Qatar, and in doing so, recognising the value of the QFC environment and the importance of high quality regulation to the success of its endeavours," said Thorpe.

Kane has been allocated QFC License No. 00121 and it will be the first firm authorised to carry out insurance management activities in the QFC.

Kane SEO, Shaun Brook said, "We are delighted to be the first captive manager to be licensed in the QFC. Qatar has made a significant commitment to becoming a global centre of excellence for captive insurance and has established a well-structured regulatory regime which is robust, flexible and conducive to captive growth. Captives are seen as becoming a central component in Qatar s financial make up and Kane is delighted to be able to play a prominent role in facilitating this."

The proposed activities of Kane will include three core practices: captive insurance management, risk management consulting and healthcare advisory services, the statement added.
(QNA)

Global Arab Network

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Last Updated on Wednesday, 01 September 2010 10:51

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