The Kuwaiti insurance regulation division has issued 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 of supervision and organization, indicating that the rules could be revised in the future.
He boasted that the regulations were worked out although the division was established not a long time ago.
The division operates in light of the vision of His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber 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 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 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: Kuwait News Agency