IRU suspends three insurance firms

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KUWAIT CITY, Aug 29: The Insurance Regulatory Unit (IRU) decided to suspend the activities of three companies until Sept 30, for committing serious violations, and prohibited them from issuing new insurance policies during the suspension period, until the situation is corrected and the suspension is lifted, reports Al-Qabas daily.

The violations of these companies were as follows — refraining from executing final court rulings related to its activities, refraining from paying fees and fines to monetize legal deposits, non-compliance with completing the deposits law in the event of a shortage and refraining from providing the unit with the data of the complaints against the company. On the other hand, the unit issued an update of the approved list of 28 companies which are now eligible to issue the insurance policy.

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