Penalties against Kuwaiti insurers for non-compliance with regulations

The Kuwaiti Insurance Regulatory Unit (IRU) has published a list of penalties to be imposed on market players who fail to comply with the law.

The decision is aimed at insurance companies, reinsurance companies, takaful, brokers and insurance pools found guilty of violation.

Sanctions vary according to the type of violation and may include financial penalties, warnings and suspensions of activity.

The IRU aims, through this measure, to protect the rights of policyholders and to raise the level of insurance awareness and culture in the country.