Kuwait - New insurance law 75% finalised
Source: Middle East Insurance Review | Nov 2016
The legal committee tasked with drafting Kuwait’s new insurance law has finalised 75 articles of the Bill out of a total of 100 articles.
Sources said that the committee would finalise the preliminary draft of the Bill before the end of September in collaboration with the Insurance Department, reported Annahar-Kuwait.
Once the drafting is complete, the Bill will be submitted to the relevant authorities for debate and approval. Lawmakers’ endorsement is expected to be sought before the end of this year.
In May, Mrs Iman Ibrahim Al-Ashwak, the Director of the Insurance Department of the Ministry of Commerce and Industry said that her department is working to push for the adoption of the new insurance law by year-end.
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. Among other measures, the proposed new insurance law reportedly provides for the establishment of an independent regulator for the sector that is at present supervised by the Insurance Department of the Ministry of Commerce and Industry. The law is being updated to boost industry standards to be in line with international best practices.