Insurance Unit Demands Annual Reports on National Workforce Proportions from Companies
The Unit has called for submission of national workforce percentages by the end of December, warning of penalties for non-compliance.
Translated by Qiyas from الجريدة — Original source
The Insurance Regulation Unit has called upon all entities under its supervision to provide it with data on the percentage of Kuwaiti national employees working in the insurance sector by the end of December each year, using the designated form.
In a circular, the Unit requested that the form be completed based on the company’s status at the end of December each year and submitted to the Unit, fully completed with all required information and duly approved, within a maximum period of 90 days from the end of the fiscal year.
The Unit clarified that failure to comply with the provisions of this circular entitles the Unit to hold the violator accountable under Law No. (125) of 2019 concerning the Regulation of Insurance and its Executive Regulations, as amended, and any other relevant legislation, and to take all necessary legal actions against them.
