INSURANCE COMPANIES CALLED TO UPDATE STATUS BY SEPTEMBER 30

  • 14/09/2022

Kuwait City : All licensed businesses and individuals subject to the provisions of Article 2 of Law No. 125/2019 regarding insurance and its regulations are required to submit requests for reconciliation of their status through the form available on the Insurance Regulatory Unit's website, www.iru.gov.kw, in order to renew their licenses. The Insurance Regulatory Unit is an independent governmental regulatory body charged with the supervision and oversight of the insurance sector. 


This relates to Resolution No. 14/2022, which was published on June 16, 2022, and concerns requests for the issuance of licences to engage in insurance professions and activities. The unit explained in a press release that it had scheduled coordination meetings with insurance providers to explain the process for balancing their status in light of the aforementioned decision made in June. The decision stipulated a grace period up until the end of this month for those licenced under Article 2 of law No. 125/2019 to work on licences to practise the activity. 

The unit emphasised the need for authorised persons to reconcile their status before the end of the grace period specified on September 30, 2022 through circular No. 4/2022 regarding the reconciliation of their status in order to avoid legal liability when continuing insurance activities without obtaining a licence to do so. 

The Insurance Regulatory Unit confirmed that the non-renewed licenses will be considered expired at the end of the aforementioned period, and will have no legal effect, and thus cease working permanently. It stressed that it will not hesitate to take legal measures against violators and refer them to the competent authorities in the event that it issues or extends any insurance documents or carries out any insurance activities without obtaining a license to practice in accordance with law No. 125/2019 and its executive regulations and amendments after September 30, 2022.

    

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