Kuwait – Final Draft of New Insurance Law
Friday, 08 04 2017, Category: Insurance and Reinsurance, Country: Kuwait
Governmental sources told “Al Anba” that the legal committee commissioned to study and draft the new insurance law finalized the latest version of the law. They expect the National Assembly to approve it before the end of the year and it will be the basis to launch the regulation of the Kuwaiti insurance market following 55 years of the use of the old law that was issued in year 1961.
Moreover, the sources added that the new law makes sure that fees and commissions are within the spending power of citizens and aim at promoting new insurance services that are in line with the latest international developments in the insurance market.
Source: Al Anba