Kuwait - MoCI obliges all insurers to codify documents
Friday, 12 27 2019, Category: Insurance and Reinsurance, Country: Kuwait
The Ministry of Commerce and Industry (MoCI) has issued a decree obliging all insurance companies to mark the insurance documents according to their types in accordance with the model prepared for this purpose by the Ministry as of early January 2020, reports Al-Rai daily.
The second article of the resolution stated that the Assistant Undersecretary for Corporate Affairs and Commercial Licenses has provided the insurance companies with a model showing the mechanism of coding and numbering, provided that there is a fixed code for each type of insurance to be complied with by all companies other than the variable numbering of the insurance license number and document number.
Sources pointed out that the decision obligates companies to provide the concerned sector monthly documents issued for all types of insurance and serial numbers.
Source: Arab Times