American Life Insurance Company (ALICO) - AIG Life, a member company of American International Group Inc. (AIG), has been granted a license to conduct its group insurance operations from the Qatar Financial Centre (QFC). ALICO will also be applying to extend its license to cover retail and individual business in and from the QFC, as soon as the QFC retail regime is in place.
Mr. Patrick Choffel, ALICO AIG Life Regional President for Middle East, Africa & South Asia region, said "we are very happy to be part of the Qatar Financial Centre, and share the vision of having a long-term and mutually beneficial partnership at this promising vibrant hub, which has been created at the heart of Qatar's dynamic economic growth and global economy. ALICO AIG Life has a unique presence and history in the GCC region, and has been actively contributing in the economy of the State of Qatar since 1962. We look forward to continue capitalizing on the opportunities extended through our Qatar operation as well as QFC".
Stuart Pearce, CEO and Director General of the Qatar Financial Center Authority said "We are pleased to welcome ALICO AIG Life to the QFC. They are a significant addition to our growing community of major international insurance companies. As discussed at our recent international conference MultaQa Qatar, the scope for growth and development in Qatar's insurance sector as well as that of the wider region is very significant. Accordingly insurance and reinsurance are core business areas which our legal structure is uniquely placed to support. We look forward to working with ALICO AIG Life and to support the growth of their business in Qatar."
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ALICO AIG Life
American Life Insurance Company (ALICO) - AIG Life MEASA has been present in the Middle East, Africa and South Asia region since 1952. It is currently based at the DIFC in Dubai and maintains a leading presence in 14 territories across the region starting from Bangladesh (1952), Lebanon (1953), Saudi Arabia (1954), Kuwait (1954), Jordan (1958), Bahrain (1960), United Arab Emirates (1962), Qatar (1962), Oman (1971), Turkey (1988), Pakistan (1995), Palestine (1996), Egypt (1997) and Nepal (2001).
In 2006, ALICO celebrated its 85th anniversary serving and providing financial security to policyowners globally. ALICO's global reach, its strategic focus on emerging markets and its financial strength continue today as the Company serves its customers in the 21st century.
Qatar Financial Centre
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those licensed to operate by the Centre. The QFC was created by Qatar Law No.(7) and has been open for business since 1 May 2005.
QFC Regulatory Authority
The QFC Regulatory Authority is an independent regulatory body established by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorize, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modeled closely on that used in London and other major financial centers. The Regulatory Authority is currently receiving applications and granting authorisations.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for driving the commercial strategy of the QFC and for developing relationships with the global corporate community and other key institutions both within and outside of Qatar.
© Press Release 2007
