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Jun 2020

Kuwait: Supreme committee to be set up for insurance supervisory unit

Source: Middle East Insurance Review | Mar 2020

Minister of Commerce and Industry, Mr Khaled Al-Roudhan, has issued a decision to form the Supreme Committee for the independent insurance supervisory unit, to regulate insurance business in Kuwait, as stipulated by the state’s new insurance law.
 
The Committee is set to exercise its powers in accordance with the tasks assigned to it. The panel has the right to seek the assistance of experts and consultants to participate in discussing topics. However, the advisers do not have the right to vote on decisions, reported Arab Times.
 
The Committee also has the right to establish temporary advisory committees entrusted to study topics within its terms of reference defined by the insurance law and regulations.
 
Mr Al-Roudhan’s decision also obliges the Supreme Committee to prepare its internal regulations to organise its work.
 
The Committee has seven members, including two full-time members. These two members are Mr Muhammad Suleiman Al-Otaibi, who is the chairman of the Committee, and Mr Abdullah Nabil Al-Sinan who is vice chairman.
 
The Committee also has three part-time members who are insurance experts in the private sector.
 
The remaining two members of the panel are ex-officio members. They are the executive director of the supervision department of the Central Bank of Kuwait, Mr Walid Mahmoud Al-Awadi, and the assistant undersecretary for financial and administrative affairs at the Ministry of Commerce and Industry, Mr Youssef Hadad Al-Husseini.
 
The new insurance law was passed last year and stipulates that the insurance sector must be supervised by the Central Bank or continue under the Commerce Ministry. The previous insurance law was issued around 60 years ago and was last amended in 1981. M 
 
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