Doha, 22 January 2008
AIG Member Company Becomes First Life Insurer to Be Granted
Expanded Qatar Financial Centre License
American Life Insurance Company (ALICO), a member company of American International Group, Inc. (AIG), announced today that it has been granted a license by the Qatar Financial Centre Regulatory Authority to operate a retail life insurance business in the Qatar Financial Centre. ALICO is the first life insurance company to receive an expanded license, which is in addition to a wholesale life insurance license first obtained in February 2007.
“We are pleased to have been granted this expanded license by the QFC Regulatory Authority,” said Joyce A. Phillips, ALICO President and Chief Operating Officer. “The regulatory approval allows ALICO the opportunity to expand its wholesale and retail life insurance services that are offered through the vibrant financial hub currently at the heart of Qatar’s dynamic economic growth.”
ALICO has been operating in the Middle East since 1952 and in Qatar since 1963. ALICO has regional offices in the Dubai International Financial Center and maintains a leading presence in 14 territories across the region.
“ALICO has a long-standing presence in the region, and we currently operate in all countries within the Gulf Cooperation Council,” said Patrick Choffel, Regional President for ALICO’s Middle East, Africa and South Asia Region. “We’ve been actively contributing to the economy of Qatar for more than 40 years and we look forward to expanding our operations as a result.
Media contacts
ALICO
Alya Kalinian
Tel : +971 4 3600547
Email : alya.kalinian@alico-measa.com
Qatar Financial Centre Authority
Steve Martin
Head of Corporate Communications and Marketing
Tel +974 496 7755 Mob +974 583 1937 e-mail s.martin@qfc.com.qa
Notes to Editors:
American Life Insurance Company (ALICO) is a Member Company of American International Group, Inc (AIG). AIG, a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris, Switzerland and Tokyo.
American Life Insurance Company (ALICO), incorporated in Delaware in 1921, is one of the largest international life insurance companies in the world, with more than US$294 billion of life insurance in force as of December 31, 2006. ALICO's branches and subsidiaries market a wide range of life and health insurance products. These products include traditional life insurance, variable universal life insurance, credit life insurance, supplemental medical and personal accident products, health and hospitalization insurance, group life, pensions and annuities, through a network of some 35,000 agents. ALICO conducts business globally in Japan, Europe, the Middle East, South Asia, Latin America, and the Caribbean in more than 55 countries.
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 will operate to international standards and provide a first class legal and business infrastructure for those operating within the QFC. 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.
The QFC Civil and Commercial Court and QFC Regulatory Tribunal
The QFC Civil and Commercial Court and QFC Regulatory Tribunal were launched in February 2007. The President of the Court is Lord Woolf, formerly Lord Chief Justice of England and Wales. The Court is modelled on the internationally respected Commercial Court in London. In the event of disputes in matters of law, it will be the final arbiter. The Regulatory Tribunal has been established to hear and decide upon appeals from decisions of the QFC Regulatory Authority and other QFC agencies. Its Chairman is William Blair, QC. Both the President and the Chairman are supported by Judges who have held the highest judicial offices in their own jurisdictions.