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KUWAIT CITY, April 1: The Insurance Regulatory Unit has referred an insurance company, license of which had been expired, to the Public Prosecution, the unit head Mohammad Sulaiman Al-Otaibi said on Saturday. The company is suspected of committing offenses such as money laundering and misappropriation of public funds, Al-Otaibi said in a statement to Kuwait News Agency (KUNA).
He also affirmed that the unit would pursue efforts to regulate the sector, in line with Law 125/2019. Al-Otaibi said the company was submitted to the general prosecution for sake of safeguarding rights of the State, clients and integrity of the sector. The IRU is a public indecent department that oversees the insurance sector and operations of licensed companies, according to the Law 125/2019.