The Kuwaiti insurance regulation division has issued a Decision (1/2021) for organizing the sector. The unit head, Mohammad Al-Otaibi, said in a statement, on Saturday, that issuance of the regulations ushered a new phase with respect to supervision and organization, indicating that the rules could be revised in the future.
Al-Otaibi said the division operates in light of the vision of His Highness the Amir Sheikh Nawaf Al-Ahmad AlJaber Al-Sabah, calling for tangible achievements that meet citizens’ aspirations.
Meanwhile, the unit deputy president, Abdullah Al-Senan, said the executive bylaws would be published in the Official Gazette (edition 1527) incorporating 340 articles. The laws regulate the issuance of permits, registration of companies, commitments regarding required solvency, investment policies, arbitration and penalties. Al-Senan has added that the executive bylaw is posted on the division’s official website: iru.gov.ku/bylaw//:https.
The insurance division, established according to Law 125/2019, is tasked with regulating the sector in a just, transparent and competitive manner.
Source Kuna
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