New minimum share capital for insurance and reinsurance companies
The ministry of commerce and industry has announced the finalization of a draft bill governing the insurance business in Kuwait. The new legislation is currently submitted to the approval of the Kuwaiti parliament.
Composed of 10 chapters and 69 articles, the bill imposes, inter alia, new requirements in the area of minimum share capital. The latter will henceforth be set at 15 million KWD (49 million USD) for life and non life insurers as well as for reinsurers.
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