KUWAIT CITY, April 28: Official data reveals that only one Kuwaiti actuarial expert is licensed to work in Kuwait, according to the records of the Ministry of Commerce and Industry, which requires that the profession be restricted to the profession in the register of actuarial experts out of the 1.4 million Kuwaitis, reports Al-Qabas daily.
Sources said the scarcity of citizens working in this position makes it impossible for the Ministry of Commerce to issue a decision to Kuwaitize it, as the case with other jobs in the insurance sector when the ministry imposed it.
Sources pointed out that the lack of numbers of actuaries registered in the Kuwaiti Ministry of Commerce and Industry, in addition to eight expatriates, has opened the door to the offices of auditors who have experience in insurance work or contracted with a company of experience in national or foreign insurance.
In order to act as an actuarial expert, it is not permissible to combine the work of an auditor with the actuarial work with the same client at the same time. Last week, the daily published a decision by the Ministry of Commerce to regulate controls on the restriction of actuarial experts, including obtaining a degree from the Institute of Actuarial Experts in London or Edinburgh or the Association of Actuarial Experts of the United States or a recognized university offering equivalent diplomas for the same degree.
This is in addition to having at least three years’ experience, and has not been convicted of an honor or trust, or his bankruptcy and must have worked in the insurance business of an insurance company for at least 10 years, and has exercised a consulting job in an insurance company for at least 3 years.