DOHA: The QFC Regulatory Authority yesterday issued new prudential rules for insurance firms operating from the Qatar Financial Centre (QFC), following extensive public consultation and dialogue with QFC firms. “The amendments to the QFC Insurance Business Rules align the prudential framework in the QFC with recent developments in international best practice, and position the regulatory framework to meet the continued expansion in activity by QFC insurers”, said Michael Ryan, Chief Executive Officer of the QFC Regulatory Authority.
“The new rules come into force on January 1, 2015. Between now and then, the Regulatory Authority will be working with the QFC insurers as they make the transition to the new framework, in order to address any implementation issues”, Ryan said. The new rules enhance the QFC regulatory framework, particularly in the areas like capital adequacy, enterprise risk management, valuation and investments. The initiative supports the QFC Regulatory Authority’s ongoing commitment to meet high international regulatory standards, and supports the continued development of the QFC as a leading financial and business centre in the region.
DOHA: A high-level business delegation of the Federation of Indian Chambers of Commerce and Industry (Ficci) interacted with Qatari companies at a meeting organised by Qatar Chamber and at the B2B meetings organised by Indian Business and Professionals Network. The 20 member delegation is led by Hiten Haresh Bhuta, CEO of CGS Infotech Ltd and includes CEOs and senior representatives of companies representing a wide range of sectors, including software development; engineering; manufacturing; construction and real estate; pharmaceutical and healthcare; consultancy; international trading; sports and sports infrastructure; and commodities. Ficci is India’s oldest and largest apex trade and industry body at the national level, with over 250,000 members.
The Peninsula
