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Sunday , January 29 2023

Insurance cos called to fix status before Sept 30

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KUWAIT CITY, Sept 13: The Insurance Regulatory Unit – the independent governmental regulatory authority concerned with the supervision and oversight of the insurance sector – has called on all licensed companies and individuals subject to the provisions of Article 2 of law No. 125/2019 regarding insurance and its regulations, to submit requests for reconciliation of their status through the form available on the unit’s website www.iru.gov.kw in order to renew their licenses, reports Al-Nahar daily.

This is in reference to resolution No. 14/2022 issued on June 16, 2022 regarding requests to issue licenses to practice insurance activities and insurance professions. In a press statement, the unit explained that it had organized coordination meetings with insurance companies in order to explain the mechanism for reconciling their status in accordance with the aforementioned decision issued in June. The decision had specified a grace period to work on licenses to practice the activity valid for those licensed under Article 2 of law No. 125/2019 until the end of this month.

Through circular No. 4/2022 regarding the reconciliation of the status of authorized persons, the unit stressed the need to reconcile their status immediately before the end of the grace period specified on September 30, 2022 in order to avoid legal liability when continuing insurance activities without obtaining a license 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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