MoCI to form panel to regulate insurance business
Committee entrusted with twenty one specialities
KUWAIT CITY, Feb 1: Minister of Commerce and Industry, Khaled Al-Roudhan, has issued a decision to form the Supreme Committee for the Independent Insurance Unit, with 7 members, including two full-time members, who were appointed by an Amiri decree in accordance with the law, reports Al-Rai daily.
The two members are Muhammad Suleiman Al-Otaibi, who will take over the chairmanship of the committee, and Abdullah Nabil Al-Sinan as Vice-Chairman.
According to Al-Roudhan’s decision, the committee’s membership consists of 3 part-time members of experts and technicians in the field of insurance in the private sector, and they are: Fahd Rashid Al-Ibrahim, Dr Ali Jassem Abu Abbas and Ammar Talib Hajia, in addition to the
Executive Director of the Supervision Sector at the Central Bank of Kuwait, Walid Mahmoud Al-Awadi, a representative of the bank, and the Assistant Undersecretary for Financial and Administrative Affairs at the Ministry Youssef Hadad AlHusseini, as a representative of the ministry.
The committee was established under the supervision of the Minister,
to regulate insurance business in Kuwait, as stipulated by the new law for organizing, supervising insurance, and the committee is scheduled to exercise its powers in accordance with the tasks assigned to it, as per Article 10 of Law No. 125 of 2019.
This article entrusted the committee with twenty-one specialties, enabling it to carry out its mission, in accordance with this article, everything related to the development and development of insurance activity, and its supervision.
The committee has the right, according to the fourth article of the resolution, to seek the assistance of experts and consultants it deems appropriate to participate in discussing the topics of the meeting without having the right to participate in voting on the decisions. The committee also has the right to establish temporary advisory committees entrusted to study any of the topics within its terms of reference defined by law Insurance regulation.
Al-Rawdan’s decision obliges the Supreme Committee to prepare its internal regulations that organize its work, and for the president to choose at the first meeting on the committee a secretary from the unit’s employees.