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MoCI takes punitive measures against insurance companies

KUWAIT CITY, May 5: The Ministry of Commerce and Industry (MoCI) is moving to implement a new package of punitive measures in the insurance sector, including the transfer of two companies to the Financial Investigation Unit, and requested the Central Bank of Kuwait to freeze all their assets until the completion of investigations, reports Al-Rai daily quoting sources.

The sources pointed out the investigations centered on the safety of transactions of the insurance companies that opened recently and concluded that there are serious doubts about the involvement of two companies in money laundering.

The sources said Minister Khalid Al-Roudhan has issued directives to all concerned department to conduct a comprehensive study of the insurance sector, including developing and regulating this market, improving the efficiency of the domestic insurance business environment and ensuring the soundness of its financial and legal position. The sources pointed out the ministry has requested all banks about the deposits of insurance companies and the solvency of each licensed company, in an effort to ensure the soundness of the financial position of each company.

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