Kuwait’s Insurance Regulatory Unit (IRU) has instructed all companies subject to Law No. 125 of 2019 on Insurance Regulation and its executive regulations to complete the update of their beneficial ownership data and disclose the information through the Ministry of Commerce and Industry’s electronic portal no later than July 30.
In a circular issued to regulated entities, the IRU said the measure is aimed at strengthening transparency, enhancing regulatory compliance, and reinforcing governance standards across the insurance sector.
Companies are required to update their beneficial owner information electronically through the Ministry’s portal and submit supporting documents to the IRU, including an official extract of the updated beneficial ownership data issued by the Ministry of Commerce and Industry.
The requirement does not apply to companies wholly owned by the Government of Kuwait or a foreign government, nor to legal entities listed on local or international stock exchanges.
The circular also requires joint-stock companies to provide an updated shareholder register, while other business entities must submit an official ownership extract issued by the Ministry of Commerce showing their ownership percentages.
The Insurance Regulatory Unit warned that companies failing to comply with the July 30 deadline may face legal action in accordance with the Insurance Regulation Law, its executive regulations, and other applicable decisions and circulars governing the sector.
