Kuwait Insurance Industry To Be Regulated By A Law
Kuwait Insurance Industry To Be Regulated By A Law: Kuwait has devised a committee that will study and develop the insurance industry in Kuwait lead by representatives of the ministry of commerce and the members from all sectors and government parties with an aim that this step will help in developing a bright future for this insurance industry sector.
In Kuwait insurance sector is one of the economically important and essential sectors and it needs support to enhance its progress and organizational improvement towards new and determined horizons. Regulation of the insurance sector and establishing a higher authority for to check mistakes and governance applications are the challenges due to the fact that activity of the insurance industry has developed significantly and has become one of the most powerful industries.
Insurance sector in Kuwait is an important pillar that supports economic activity, where companies, bodies and individuals find insurance as a protective shield and an effective means against risks.
All companies in the insurance sector are in agreement with a fundamental requirement to regulate the market, either by establishing an independent body or issuing a new modern law, or by assigning the sector to the Central Bank of Kuwait.
How It Will Be Done?
By working on studying and evaluating a number of options, consulting the insurance sector companies
- a draft law regulating the insurance market under the ministry of commerce and industry
- Establishing an independent body or strengthening the existing administration
- As per market demands the call of setting controls that will help the insurance sector take a transparent approach.
- Insurance industry to increase its share of the market for all economic, commercial, industrial and investment activities
- Scientific and objective discussion is the way to monitor, diagnose and identify the requirements for the development of the insurance market.
Kuwait insurance sector has raised concern over Capital Market Authority supervision, which is a competent authority for securities and stock exchanges and insurance expertise. However official from Central Bank Kuwait has stated that they will keep up with the expectations of everyone to promote investment in this sector.