The Insurance Regulatory Unit is heading to oblige insurance companies to Kuwaitiize their supervisory functions, in implementation of the state’s strategy to localize the insurance sector and enhance the participation of the national workers in developing the market competitiveness and creating an attractive work environment for Kuwaitis and qualifying them in line with the needs of the labor market in the insurance sector.
Informed sources told Al-Anba the “insurance regulation” tends to link with the concerned governmental and private agencies such as the Public Authority for Manpower and the Public Institution for Social Security (PIFSS) to implement the decision by the end of the year.
The sources pointed out that the decision of the IRU to Kuwaitize supervisory jobs in the insurance sector does not look at Kuwaitization in a quantitative manner only, but also looks at the qualitative aspect, by qualifying nationals and training them scientifically and technically at all job levels.
The sources affirmed that the IRU is set as the new strategy for Kuwaitization, which is based on a new principle to push citizens towards occupying advanced job positions in the insurance sector, and to increase Kuwaitization through the participation of national workers at various job levels in the labor market in accordance with an integrated and clear vision that supports the principles of Kuwait’s Vision 2035.
The sources explained the insurance unit seeks to create a Kuwaitization strategy with a comprehensive and long-term view and not only seeks to increase the number of citizens, but also targets graduates with specialization and experience to actively participate in research and leadership tracks in the insurance industry inside Kuwait.
The sources indicated that this decision is consistent with other previous decisions regarding the insurance sector related to obligating companies and insurance brokers to appoint a Kuwaiti compliance observer, as part of qualifying national cadres to fill this job through a package of initiatives and programs implemented with the beginning of the unit’s work, as an implementation plan was developed in cooperation with the authorities.
The competent authority in order to expand the area of insurance work, stressing that the unit places Kuwaitization at the forefront of its priorities to lead the development of the sector.
The sources indicated that the local insurance sector has begun to reap the fruits of positive change under the umbrella of the Insurance Regulatory Unit and its role as a supervisory regulator, which is evident in the number of companies and the quality of insurance services and products, all the way to highlighting transparency in periodic financial and statistical reports, which created a good control environment that would sector correction.
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