Financial services are provided by entities registered with the Qatar Financial Centre (QFC). Insurance products are widely available from local and international companies (see Living in Qatar in the Discovering Qatar section).
Under Law No 13 of 2012 Qatar Central Bank and the Regulation of Financial Services, only local insurance providers are permitted to underwrite any kind of risk against properties in Qatar. Decision No 1 of 2016 was issued by the Governor of QCB providing a set of instructions related to licencing, regulation and controls, risk management, accounting, and other requirements. Listed companies must have capital in excess of QAR100 million or their risk-based capital, while unlisted companies must have capital higher than that set by QCB or their risk-based capital.
QCB continues to regulate the insurance market and develop it as per international standards, in line with the Second Strategic Plan for Financial Sector Regulation 2017–2022. Decision No 7 of 2019 sets out further instructions for licensing, organising and supervising the services of supporting insurance providers. The decision sets out the competencies and expertise for each supporting insurance provider, the nature of the work, areas of responsibility and functions, and the establishment of professional and ethical codes of conduct.