Kuwait – Capital Markets Authority possible regulator
Wednesday, 04 11 2018, Category: Insurance and Reinsurance, Country: Kuwait
The former chairman of the Kuwait Insurance Federation, Mr Abdul Razzaq Al-Wahaib, revealed that there is a proposal of the Ministry of Commerce and Industry in Kuwait to shift insurance regulation to the Capital Markets Authority even though the proposal has still not been submitted but there are consultations between the ministry and insurance federation in this regard since the last moth of December.
Moreover, he added in statements to “Annahar – Kuwait” that he discussed previously with the minister of commerce and industry the importance of establishing an independent regulatory and supervisory authority in the insurance sector in Kuwait. Therefore, he clarified that the idea of establishing an insurance authority is not new as it has been proposed for years but no appropriate action was taken. He also said that the government is not inclined to set up an independent authority to that end.
Source: Annahar newspaper - Kuwait