Four insurance firms in Kuwait face bankruptcy procedures

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KUWAIT CITY, Oct 10: Informed sources suggested that the Insurance Regulatory Unit and some creditor sector companies will request to open bankruptcy procedures against four insurance companies, to guarantee the rights of creditors, policyholders and shareholders, noting that the bankruptcy of insurance companies may be subject to increase, reports Al-Qabas daily.

The sources said according to the IRU and bankruptcy laws, the executive regulations and amendments, each of the supervisory authority represented by the unit and the company’s creditors – creditor insurance companies and others – has the right to request opening settlement procedures, preventive restructuring or declaring bankruptcy

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