A group of licensed insurance brokerages has gathered together under the umbrella of the Kuwait Insurance Brokers Network (KIBN), in a move to meet the need for representation of their profession.
This non-profit body serves as a dialogue platform for conveying brokers' views and suggestions to regulatory authorities, promoting compliance with regulatory standards, exchanging expertise, and monitoring developments in the industry, reported the newspaper Al Anbaa.
The founding members agreed that the network's aspirations go beyond professional communication to include:
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Raising the efficiency of the insurance market by strengthening the role of the broker as a professional link between clients and insurance companies
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Enhancing governance and transparency practices in line with international best practices
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Unifying the voice of insurance brokers before the Insurance Regulatory Unit and other authorities in an organised and effective manner
Mr Tariq Khalil Al-Shami has been nominated as the network's official spokesperson, and Mr Faisal Haitham Al-Ghais as deputy spokesperson.
Mr Al Shami said, “Through collective efforts, we were able to take the first step towards a unified voice. Here, we emphasise that brokers not only represent the largest segment of those dealing with the public in the insurance arena, but also constitute the largest professional segment subject to the supervision of the Insurance Regulatory Unit, which reinforces the importance of their having a unified, consensual voice that contributes to shaping policies for the sector.”
In his turn, Mr Al Ghais said: “We realise that the next phase will not be without challenges, especially since the network is not a legal entity. However, what unites us is a serious desire to unify our positions and communicate them collectively to the regulatory authorities.”