Qatar Central Bank issues regulations for digital insurers

The Central Bank of Qatar (“QCB) has published new regulations setting the regulatory framework for digital insurers in the country. The regulations are part of a broader effort to develop the country’s financial sector in line with the Third National Development Strategy, the Third Financial Sector Strategy, the Fintech Strategy and the QCB Law (Act No. 13 of 2012).

As their name suggests, digital insurers use technology to offer their customers a wider variety of insurance products than are normally available and to improve the customer experience through increased profitability, faster claims processing , better risk assessment and increased competition. The regulation also aims to develop the insurance sector in Qatar, both domestically and abroad, through technological 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.