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Insurance Regulatory Unit (Kuwait)

From Wikipedia, the free encyclopedia
Insurance Regulatory Unit
Authority overview
Formed1 September 2019
Jurisdiction Kuwait
HeadquartersKAMCO Tower, Kuwait City.
Parent departmentMinistry of Commerce and Industry
Websiteiru.gov.kw

The Insurance Regulatory Unit (Arabic: وحدة تنظيم التأمين) was established in accordance with Law No. (125) of 2019 regarding the regulation of insurance issued in the Official Gazette on 01-09-2019, and according to the law, the unit regulates insurance activity and controls it in a manner that is fair, transparent and competitive, and develops insurance activity. In line with international best practices and providing protection for all stakeholders involved in the insurance activity.[1][2][3][4]

Objectives

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Source:[5]

  • Regulates insurance market activities in a manner that is fair, transparent and competitive.
  • Develops insurance activities and mechanisms in line with best international best practices.
  • Providing protection for all stakeholders involved in insurance activities.
  • Applies policies that achieves fairness, transparency and prevents conflict of interests.
  • Ensures compliance with regulations pertaining to insurance activities.
  • Raises public's awareness of insurance activities, benefits, risks, and legal obligations.

References

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  1. ^ "Insurance Regulatory Unit issues a set of resolutions to regulate and supervise the insurance sector". Kuwait News Agency.
  2. ^ "Insurance Regulatory Unit issues the bylaw of law (125) of the year 2019". Kuwait News Agency.
  3. ^ "«وحدة التأمين» تصدر اللائحة التنفيذية لقانون تنظيم التأمين في البلاد". www.aljarida.com (in Arabic). 20 March 2021. Retrieved 2021-07-20.
  4. ^ "إصدار اللائحة التنفيذية لقانون تنظيم التأمين". Alrai-media (in Arabic). 2021-03-20. Retrieved 2021-07-20.
  5. ^ "عن الوحدة • وحدة تنظيم التأمين". iru.gov.kw. Retrieved 2021-07-20.
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