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Tuesday , October 27 2020

Ministry shuts two Kuwaiti insurance companies

KUWAIT CITY, Jan 29: The Ministry of Commerce and Industry recently closed the headquarters of two Kuwaiti insurance companies and work is underway to close another company for engaging in an unlicensed activity, reports Al-Qabas daily quoting sources.

Sources revealed these two companies were among the six companies, which were suspended by the ministry in the middle of last year for committing many violations. Sources said the decision is in line with the ‘fatwa’ issued by the Fatwa and Legislation Department on the implementation of Law No. 25/2019 to regulate the insurance sector until the issuance of a decree on the formation of an insurance unit.

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MoCI takes punitive measures against insurance companies

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