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.
