Kuwait: Proposal for independent insurance regulator under study
Source: Middle East Insurance Review | Apr 2017
The Kuwaiti government is considering setting up an independent insurance supervisory agency, revealed Mr Khaled Jassim Al-Shamali, Undersecretary of Ministry of Commerce and Industry.
Speaking at an insurance event in early February, he said this matter is on the agenda of the ministry, expressing his hope that there would be something new this year in this regard, reported Al Jarida.
He told the insurance executives who attended the event that the government had not gone so far as to dismiss the idea of setting up the proposed insurance commission, emphasising that the matter is under study.
He said that a more complete picture will emerge after the preparations for revising the insurance law are completed. The draft Bill, which has been delayed, is now expected to be completed before the end of this year.
Mr Al-Shamali explained that there has been several changes made to it. Previously, officials had said that they were pushing for the adoption of the new insurance law by the end of last year.
Currently, the insurance industry in Kuwait is governed by a law introduced in 1961. The law has been amended a few times since it was passed, including requirements for higher capital holdings.