On the contrary, I used Insurance that was provided by Company (QP subsidiary) and it was accepted. I applied twice (Jul 10 & Jan 11) using the same insurance scheme letter. In its letter it was mentioned something like:
- Insurance certificate, medical expenses/life and personal accident insurance(QP self insurance fund)
- Group medical scheme & Group life & personal accident scheme
- coverage: in and out hospitalization, .....,expatriation cost, repatriation, death, occ diseases, passive war/terorism
- scope: 24hrs worldwide
- sum insured: EUR125,000 any one ailment per year (medical) & 36 monthly salary or min. EUR40,000 (life & accident)
- member companies: QP, QG, RG, QAFCO, Qchem, QVC, QFAC, Woqod, Oryx, etc....

Check with your HR and Immigration Officer.