Kuwait: Regulator reminds insurers to renew licences by 30 Sep under new law
Source: Middle East Insurance Review | Oct 2022
The Insurance Regulatory Unit (IRU) has called on all insurance companies and related persons to regularise their status and renew their operating licences in compliance with the new insurance law by 30 September 2022.
In June 2021, the regulator issued a decision to allow insurance companies a grace period up to the end of this month to renew their licences to practise insurance activities and insurance professions. The IRU has been holding coordination meetings with insurance companies to explain the process for complying with the decision.
The IRU said that after 30 September 2022, non-renewed insurance licences will be considered to have expired and have no legal effect.
The new insurance law (Insurance Regulation Law No. 125 of 2019), enacted in September 2019, repealed an old law that dated to 1961. The new law came into effect this year.
Among other provisions under the new law, insurance companies may now renew their licence every three years instead of annually. There are also more requirements to register as an insurance professional (i.e. loss adjusters, brokers, actuaries, consultants, agents, etc). These professionals must be registered with the IRU. M