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Kuwait's insurance regulator and Interior Ministry agree joint inspections against sector violations

Kuwait's Insurance Regulatory Unit and the Ministry of Interior have agreed to run joint inspection campaigns and take legal action against insurance-sector violators. The regulator said it had found rule breaches and attempts to get around the law, and warned that it would not soften penalties.

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Kuwait's Insurance Regulatory Unit (IRU) has joined forces with the Ministry of Interior to enforce the Insurance Regulation Law, its executive regulations and related legislation, Middle East Insurance Review reported. At a coordination meeting, the two sides agreed on joint inspection campaigns, legal steps against violators, and zero tolerance for practices designed to circumvent the law.

IRU Head Mohammed Suleiman Al-Otaibi said the unit had found a number of violations and evasion attempts in the sector, and that it would not be lenient when it imposes penalties. Brigadier General Abdul Aziz Bandar Al-Omar, who represented the ministry, said it would act against violations that are proven. The IRU released details of the meeting in a statement on 7 October.

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Asia / Middle East Insurance Review ↗

This is an original summary of the linked report, selected by Axxion’s GCC market monitor. Facts are attributed to the publication.

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