MoCI forms panel of experts to solve insurance disputes

By Rabab Al-Jowhari

KUWAIT CITY, Aug 28: Ministry of Commerce and Industry is in the process of forming a committee of specialists including consultants and experts to take up the task of solving disputes that arise between insurance companies and their clients or companies and their counterparts in the sector.

According to informed sources, the committee will convene periodically to discuss the emerging problems and complaints lodged by customers with the ministry. The tasks of the committee will be confined to developing the legal and legislative frameworks for insurance companies in terms of dealing with clients and related parties. The committee will appoint a representative to attend the sessions of the disputes between the involved parties in order to prepare a report and submit it to the concerned authorities in the ministry.

Meanwhile, the sources indicated that the ministry has approved granting insurance licenses to three new insurance companies, one of which is a Gulf insurance company.

Establishment

They highlighted that the concerned authorities are seriously considering the establishment of a higher body for regulating the insurance market in Kuwait amid repeated calls by insurance companies due to problems and crises that result from the lack of a body responsible for the insurance market.

In the same context, a local insurance company is on the verge of launching an insurance service for businesspersons and traders whereby they will enjoy a number of insurance benefits and coverage during their business trips.

Meanwhile, the date set for holding the 2017 Municipal Council elections is Oct 7 but the Cabinet is the sole body authorized to set the date for elections, which might be expected to take place at another date, reports Al-Anba daily quoting sources.

They explained that the Cabinet is preparing for the Municipal Council elections by amending Article 4 of the Municipal Law No. 33/2016. A decision is expected to be issued to determine the ten constituencies of the Municipal Council elections in accordance with the plan provided by Ministry of the Interior and not the Kuwait Municipality. This includes the five constituencies of the parliamentary elections whereby all Kuwaitis who meet the requirements to vote can exercise their electoral rights.