The Insurance Regulatory Unit announced that more than 170 national and foreign insurance companies have applied to regularize their statuses, in compliance with Resolution No. 14 of 2022 regarding applications for issuing licenses to practice insurance activities and professions.
The head of the IRU, Muhammad Al-Otaibi, told a local Arabic daily that Resolution No. 14 of 2022 stipulated the need to reconcile the situation before September 30, 2022, explaining that more than 140 applicants have completed their procedures, while more than 20 national insurance companies have completed their reconciling.
Al-Otaibi added more than 10 foreign insurance companies have finished reconciling their statuses in coordination with the Kuwait Direct Investment Promotion Authority, indicating that new applications have been received from foreign companies.
He explained that the unit conducts written exams for candidates for the position of (compliance monitor) in the insurance sector, which requires the candidate to fulfill the conditions stipulated in IRU Resolution No. 38 of 2021 regarding the rules for combating money laundering and terrorist financing in the field of insurance.
Al-Otaibi stressed the need for all companies subject to the unit’s supervision to complete the rest of the requests to regularize their status within the form available on the unit’s website (www.iru.gov.kw) and to expedite the completion of deficiencies to obtain licenses to practice insurance activities and insurance professions.
He said that the unit continues to monitor the sector and perform the role assigned to it to control the insurance market by implementing decisions and ensuring that companies adhere to all standards, stressing keenness to achieve the interest of the insurance policy holder and insurance companies alike with the aim of taking into account the public interest and more benefits for all.
