Kuwait: Regulator enhances supervision of sector
Source: Middle East Insurance Review | Sep 2020
The Kuwaiti Insurance Regulatory Unit has issued a bundle of decisions and measures regarding the regulation and control of insurance activity for Kuwaiti and foreign companies and insurance brokers.
The measures issued also aim to regulate the transfer of supervisory and control tasks from the Kuwaiti Ministry of Trade to the Unit, reported Kuwait News Agency (KUNA).
The decisions have resulted in the issuance of 28 licences for Kuwaiti insurance companies, branches of foreign insurance companies and insurance agents, in addition to 55 licences for insurance brokerage firms.
The Insurance Regulatory Unit was established in accordance with a law (No. 125 of 2019) on the regulation of insurance.
On 30 January 2020 the Kuwaiti Minister of Commerce and Industry issued a decision to form the Supreme Committee of the Insurance Regulation Unit. M