Insurance Regulatory Unit (Kuwait)

The Insurance Regulatory Unit (Arabic: وحدة تنظيم التأمين) was established in accordance with Law No. (125) of 2019 regarding the regulation of insurance issued in the Official Gazette on 01-09-2019, and according to the law, the unit regulates insurance activity and controls it in a manner that is fair, transparent and competitive, and develops insurance activity. In line with international best practices and providing protection for all stakeholders involved in the insurance activity.[1][2][3][4]

Insurance Regulatory Unit
Authority overview
Formed1 September 2019
Jurisdiction Kuwait
HeadquartersKAMCO Tower, Kuwait City.
Parent departmentMinistry of Commerce and Industry
Websiteiru.gov.kw

Objectives

edit

Source:[5]

  • Regulates insurance market activities in a manner that is fair, transparent and competitive.
  • Develops insurance activities and mechanisms in line with best international best practices.
  • Providing protection for all stakeholders involved in insurance activities.
  • Applies policies that achieves fairness, transparency and prevents conflict of interests.
  • Ensures compliance with regulations pertaining to insurance activities.
  • Raises public's awareness of insurance activities, benefits, risks, and legal obligations.

References

edit
  1. ^ "Insurance Regulatory Unit issues a set of resolutions to regulate and supervise the insurance sector". Kuwait News Agency.
  2. ^ "Insurance Regulatory Unit issues the bylaw of law (125) of the year 2019". Kuwait News Agency.
  3. ^ "«وحدة التأمين» تصدر اللائحة التنفيذية لقانون تنظيم التأمين في البلاد". www.aljarida.com (in Arabic). 20 March 2021. Retrieved 2021-07-20.
  4. ^ "إصدار اللائحة التنفيذية لقانون تنظيم التأمين". Alrai-media (in Arabic). 2021-03-20. Retrieved 2021-07-20.
  5. ^ "عن الوحدة • وحدة تنظيم التأمين". iru.gov.kw. Retrieved 2021-07-20.
edit