Kuwait: Insurance sector to get its own regulator
Source: Middle East Insurance Review | Feb 2019
The Council of Ministers has approved the establishment of a separate regulatory body for the Kuwaiti insurance sector, announced the Ministry of Commerce and Industry.
The new agency will supervise insurers, their establishment and control procedures, according to a report in Arab Times.
The approval is a U-turn from the previous government position. In November 2018, during a meeting among the Minister of Commerce and Industry Khalid Al-Roudhan, the Kuwait Insurance Federation, the Financial Affairs Committee of the National Assembly and the Kuwait Chamber of Commerce and Industry, it had been agreed that the insurance sector would be overseen by the Capital Markets Authority, instead of by an independent agency. Both the Chamber and the Kuwait Insurance Federation had requested that the Council of Ministers approve the setting up of a new body.
The new insurance regulator will be directly under the supervision of the Minister of Commerce and Industry, the reports said. M