Kuwait will set minimum capital of insurer at KD 15 millions
Monday, 04 10 2017, Category: Insurance and Reinsurance, Country: Kuwait
“Al Qabas” newspaper said that the Ministry of Commerce and Industry finalized the draft insurance law that will be used to regulate and supervise the insurance sector.
During the next weeks the law will be adopted when minister of commerce and industry will submit the law to the government which will then submit it to parliament in order to vote on it.
The draft law of which “Al Qabas” obtained a copy has 10 chapters and 69 articles.
The second chapter says that local insurance companies have to be owned completely by Kuwaitis and will have a minimum capital of KD 15 million for insures that have both life and non-life activities as well as companies that write reinsurance or ReTakaful should have the same minimum capital.
Source: Almal Times