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Panel to check financial transactions of insurance firms

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KUWAIT CITY, April 7: The Minister of Commerce and Industry and Minister of State for Services, Khalid Al-Roudhan has formed a committee headed by Dr Saleh Al-Aqili, head of the insurance company to check the accounts of all insurance companies in an effort to ensure the safety of their financial transactions, reports Al-Rai daily quoting reliable sources.

The sources pointed out the approach of the minister in this regard is part of his efforts to control and detect any violations that may have been committed by this sector, especially after the Union of Insurance Companies accused some companies that they do not meet the technical and financial requirements of insurance coverage and are threatened with failure to meet their financial obligations to individuals or companies, after offering cheap prices that don’t favor equity or the reputation of the insurance market. The sources pointed out that the committee will prepare a plan of action, which will include inspecting the records of insurance companies and auditing their finance sectors in an effort to ascertain the number of documents issued by them and the extent of their commitment to prices, especially for documents issued for cases of insurance against other companies.

The committee will ensure that all terms and conditions are met and will determine their impact on levels of market liquidity, the extent to which they met their obligations to other insurance companies. The sources pointed out that the committee will also look into the bank accounts of the insurance companies, to ascertain the availability of money to go in accordance with their business, in addition to identifying their investments and their qualities, and whether they have realized in their budgets losses or profits.

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