Qatar mainland: corporate life-insurance onboarding
Corporate policyholder, ownership and policy-payment checks for life insurers supervised by Qatar Central Bank.
Qatar mainland · Life insurers · Qatar Central Bank
Corporate policyholders · Life insurance: AML/CDD review
By Matthew Lee
Mainland life insurers apply Law 20 of 2019, Cabinet Decision 41 of 2019 and applicable QCB instructions. QFC insurers follow a separate QFCRA rulebook. Obtain the company's registration records, constitution, business details and ownership structure.
Company and purchase instructions
Identify the customer and beneficial owners, apply required verification measures and verify the representative's authority under Article 11. Obtain shareholder and control records and the resolution or delegation authorising the insurance purchase.
Record the insured person, payer, beneficiaries and any assignee. Obtain the company's explanation of the cover and the financing agreement where a lender will receive policy money.
Premiums and benefit payments
Request evidence explaining premiums from another company or person. Review its relationship to the policyholder and investigate unexplained changes to funding or recipients.
Collect the beneficiary information required for the policy and apply the insurance-specific checks at the relevant designation, amendment and payout events. Before releasing money, confirm the recipient's identity and entitlement and the instruction-giver's authority. Obtain the assignment or other document establishing changed payment rights.
Apply enhanced measures for higher-risk cases and relevant PEP and sanctions controls. Refresh the corporate CDD after ownership or representative changes and retain the evidence supporting material policy instructions.