Kuwait – Renewal of the licenses of 35 insurers
Tuesday, 01 17 2017, Category: Insurance and Reinsurance, Country: Kuwait
Mr. Khaled Al Shamali Undersecretary of the Ministry of Commerce and Industry issued a decision yesterday in order to renew the licenses of 35 companies operating in conventional as well as Takaful insurance in order allow them to renew their activities for a period of one year starting on 1 January 2017. As a result, the work of insurance companies will be legal after a period of operations without legal licenses.
Moreover, informed sources confirmed the importance of establishing a high insurance authority regulating the market in order to avoid some disadvantages such as the delay in granting licenses given that the expiry of the licenses of insurers can lead to legal problems for both customers and companies and will cause judicial problems related to the insurance products sold.
Source: Al Seyassah