Kuwait: Insurers to adhere to international governance standards
Source: Middle East Insurance Review | May 2018
The Kuwaiti Minister of Trade and Industry Khalid Al-Roudhan has called on insurers to abide by the guidelines of the International Association of Insurance Supervisors (IAIS), the standards of the Islamic Financial Services Organization (IFSB) and the insurance governance system.
A decision issued by the Ministry indicated that this directive aims to regulate conditions in insurance companies and will be in the interests of the insurance market, reported Argaam. Compliance with the rules will uphold the quality of insurance services provided to policyholders.
The move will enable insurers to evaluate the level of quality of service provided and work continuously to improve it and to pay attention to the expectations and satisfaction of policyholders.
In light of the guidance, insurers are required to formulate written policies and standards approved by their board of directors. Adherence to the standards shall be subject to audit and evaluation by the insurer’s Compliance Officer and the Quality Assurance Officer. M