8.4.3 Distributions must comply with chapter 8 41 8.4.4 Distributions by firm or cell deemed to constitute single long term insurance fund 42 8.4.5 Assets not to be lent 42 8.4.6 Prohibited arrangements 42 Chapter 9 Transfer of insurance business 43 9.1.1 Application of chapter 9 43 9.1.2 Definitions for chapter 9 43 9.1.3 Form and content of scheme report 44 9.1.4 Summary of scheme 45 9.1.5 Notice of intention and summary of report 46 Chapter 10 Captive insurers in run-off 47 Part 10.1 General provisions 47 10.1.1 Terms and concepts relating to run-offs 47 10.1.2 Obligation of firm in run-off under FSR 47 10.1.3 Contracts effected under existing term 48 Part 10.2 Notices and run-off plans 49 Division 10.2.A Ceasing to effect contracts in a category 49 10.2.1 Firms must notify Regulatory Authority—ceasing to effect contracts in a category 49 Division 10.2.B Ceasing to effect contracts for entire captive insurance business 50 10.2.2 Application of div 10.2.B 50 10.2.3 Firms must notify Regulatory Authority—events and decisions 50 10.2.4 Run-off plan—firm decides to go into run-off 50 10.2.5 Run-off plan—Regulatory Authority withdraws firm’s authorisation 51 10.2.6 Period of run-off plan 51 10.2.7 Firms to monitor run-off plan etc 52 10.2.8 Amended run-off plan 52 Part 10.3 Provisions for contracts relating to captive insurance business in run-off 53 10.3.1 Application of part 10.3 53 10.3.2 Firms in run-off must notify Regulatory Authority of certain contracts 53
(b) the individual must not be exercising the controlled functions of senior executive function, executive governance function or non-executive governance function of the firm, or of a related body corporate (except when that related body corporate is a subsidiary of the firm); Note Controlled function and senior executive function are defined in the glossary. (c) the individual is neither— (i) an auditor approved under article 85 (1) of the QFC Companies Regulations or article 37 of the Limited Liability Partnerships Regulations (the approved auditor) for the firm; nor (ii) an employee or director of an entity of which the approved auditor is an employee or director; nor (iii) a partner of the approved auditor; (d) the individual has a minimum of 5 years relevant experience in the provision of actuarial services to insurers, in the QFC or in other jurisdictions, that is sufficiently recent to ensure familiarity with current issues in the provision of actuarial services to insurers. 7.1.3 Firms must ensure access to relevant data, etc (1) A firm that is a QFC captive insurer must ensure that a reporting actuary has access to all relevant data, information, reports and staff of the firm that the actuary reasonably believes are necessary to fulfil the actuary’s responsibilities. (2) A firm must also take all reasonable steps to ensure that the reporting actuary has access to the firm’s contractors.
(b) any payment of management fees. (2) A distribution or payment of management fees must be made within the period, if any, stated in the written consent given by the Regulatory Authority. (3) Subrule (1) (b) does not apply to management fees payable under a notifiable contract under rule 10.3.2. Glossary (see r 1.1.3) authorisation means an authorisation granted under the Financial Services Regulations, part 5. authorised firm (or firm) means a person that has an authorisation. Note Person and authorisation are defined in this glossary. business day means a day that is not a Friday, Saturday, or a public or bank holiday in Qatar. captive insurance business has the meaning given in rule 1.2.2. captive insurance management has the meaning given in rule 1.2.8. captive insurance manager has the meaning given in rule 1.2.7. carrying out contracts of insurance means the regulated activity described in the Financial Services Regulations, schedule 3, part 2, paragraph 3. Note Regulated activity is defined in this glossary. category, of a contract of insurance, means a category under the Financial Services Regulations, schedule 3, part 3, paragraph 10. cedent means a firm which arranges to transfer all or part of the risk undertaken under a contract of insurance to another insurer, in order to reduce its exposure. Note Cedent is also known as reinsured. cell means a cell created by a protected cell company for the purpose of segregating and protecting cellular assets in the manner provided by the Companies Regulations.
(d) any other item or matter (in whatever form) that is, or could reasonably be considered to be, a record of information. Note Writing is defined in this glossary. effecting contracts of insurance means the regulated activity described in the Financial Services Regulations schedule 3, part 2, paragraph 2. employee, in relation to a person (A), means an individual— (a) who is employed or appointed by A, whether under a contract of service or services or otherwise; or (b) whose services are, under an arrangement between A and a third party, placed at the disposal and under the control of A. entity means any kind of entity, and includes, for example, any person. Note Person is defined in this glossary. exercise a function means exercise or perform the function. Note Function is defined in this glossary. finance function has the meaning given by CTRL, rule 3.1.5. financial condition report means the report required to be prepared by a reporting actuary under chapter 7. firm (or authorised firm) means a person that has an authorisation. Note Person and authorisation are defined in this glossary. function means any function, authority, duty or power. general insurance business means the business of effecting contracts of insurance or carrying out contracts of insurance, where the contracts of insurance are general insurance contracts. general insurance contract means a contract of insurance that falls within 1 or more of the categories described in the Financial Services Regulations, schedule 3, part 3, paragraph 10.3. governing body, of an entity, means its board of directors, committee of management or other governing body (whatever it is called).
group means the following: (a) a legal person (A); (b) any parent entity of A; (c) any subsidiary (direct or indirect) of A or of any parent entity of A. Note Legal person, parent entity and subsidiary are defined in this glossary. INAP means the Interpretation and Application Rules 2005. INDI means the Individuals (Assessment, Training and Competency) Rules 2014. insurance business is the business of conducting either or both of the following regulated activities: (a) effecting contracts of insurance; (b) carrying out contracts of insurance. Note Regulated activity and the regulated activities mentioned in this definition are defined in the glossary. insurance liabilities, of a QFC captive insurer, means liabilities of the captive insurer arising out of its general insurance business and long term insurance business. inadmissible assets has the meaning given in rule 3.1.7. intangible assets has the meaning given in rule 3.1.6. jurisdiction means any kind of legal jurisdiction, and includes, for example— (a) the State of Qatar; and (b) a foreign country (whether or not an independent sovereign jurisdiction), or a state, province or other territory of such a foreign country; and (c) the Qatar Financial Centre or a similar jurisdiction. legal person means an entity (other than an individual) on which the legal system of a jurisdiction confers rights and imposes duties, and includes, for example, any entity that can own, deal with or dispose of property. Examples 1 a company