Insurance S​upervision Department​ ​     ​

This Section is responsible for carrying out offsite monitoring for insurance companies and insurance supporting services to verify their compliance with the provisions of QCB, instructions and circulars issued, through the application of international best practices related to monitoring and evaluation of early warning methods. These methods include examining and evaluating the financial and other data of insurance companies and supporting insurance services to submit the appropriate observations and recommendations, with the objective of ensure the ability of the financial sector to meet its obligations and enhance its financial solvency.

This Section is responsible for preparing and update the legislative framework to be aligned with the best international standards and practices.  To achieve that, The Section follows up with developments in international standards related insurance supervision issued by international associations and organizations such as the International Association of Insurance Supervisors, other related bodies and regional supervisors. Moreover, the section coordinates other internal QCB departments to develop the vision and regulatory objectives in accordance with of the performance of the insurance sector, market developments, and QCB general policy.

This Section is concerned with analysing the monthly variations to the financial statements for company individual and sector aggerate levels. Moreover, the section coordinates with off-site inspection section to calculate different financial and performance indicators. In addition, the section also prepares periodic, quarterly and annually reports for both individual company and sectorial levels. In addition, the section is responsible for preparing studies related to the insurance sector. Finally, the section prepares the financial data and financial indicators required by local, regional and international bodies related to insurance sector and its development.

This Section is responsible for receiving and reviewing different inquiries from insurance companies and insurance supporting service providers to obtain the QCBs’ required approvals, such as, studying and evaluating new insurance products before offering them to the market.