The Qatar Central Bank (“QCB”) has issued new regulations setting out the regulatory framework for digital insurers in the country. The regulations are part of a larger drive to develop the country’s financial sector in accordance with the Third National Development Strategy, the Third Financial Sector Strategy, the Fintech Strategy, and the QCB law (Law No. 13 of 2012).
As the name suggests, digital insurers utilise technology to provide customers with a wider variety of insurance products than might ordinarily be available and to enhance the customer experience through increased cost efficiency, faster claims processing, improved risk assessment, and greater competition. The regulations also aim to expand the insurance sector in Qatar, both domestically and abroad, through technology services based on the country’s insurance laws and regulations, and the best international standards.
The regulations are available on the QCB website in Arabic and English.
