Kuwaiti authorities suspend the activities of 12 insurers

The Ministry of Commerce and Industry, as the Kuwaiti market regulator is preparing to suspend 12 insurance companies. The ministry intends to withdraw the licenses of three erring companies.

This notably goes back to the non-compliance with prudential rules and the failure to provide funds to stay in the budget for 2018. Authorities intend to impose more strict penalties on the companies at issue. The suspension period could thus exceed three months.

It is mainly the companies which did not submit their annual financial statements for 2018 on time, and/or did not pay supervision and monitoring fees that are subject to suspension.

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