Towards the creation of an independent entity to supervise insurance in Kuwait
The Capital Markets Authority (CMA) has confirmed its willingness not to supervise the insurance industry either directly or through a subsidiary unit. The Central Bank of Kuwait has also declined the responsibility to oversee this market.
In this context, the Council of Ministers has announced the forthcoming establishment of an independent authority in charge with the supervision of the insurance activity in Kuwait.
Currently the management of this sector is among the prerogatives of the Ministry of Commerce and Industry. However, the latter plans to disengage from this mission to be in line with the practices of the other markets in the region and worldwide.
In the other countries of the Gulf Cooperation Council, different supervisory models are in force. In Saudi Arabia and Bahrain for example, it is the central bank that controls the insurance sector. In the United Arab Emirates, the market is managed by an independent agency, the Insurance authority, and in Oman by the Capital Market Authority (CMA). Qatar Financial Centre Regulatory Authority supervises the entire financial market of Qatar, including insurance.
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