Insurance Regulatory Unit discusses mechanisms to enhance compliance with laws governing the insurance sector with the Interior Ministry

Kuwait City, 7 Oct (KUNA) -- The Insurance Regulation Unit held a coordination meeting with the Ministry of Interior to discuss mechanisms for strengthening compliance with the provisions of the Insurance Regulation Law, its executive regulations, and related decisions, as well as other laws and legislation pertinent to the insurance sector.

In a statement on Wednesday, the Unit said the meeting underscored the importance of enhancing cooperation and joint coordination through organizing joint inspection campaigns to monitor violations committed by sector employees and to take necessary legal action against those found in violation.

The statement quoted the Unit’s head, Mohammed Al-Otaibi, as saying, “The Unit has recently identified certain non-compliant practices by some insurance sector employees, whether concerning decisions issued by the Unit or related laws and regulations.”

Al-Otaibi emphasized that the Unit would not tolerate any violations and would take all legal measures, procedures, and penalties permitted by law against anyone proven to have violated or attempted to circumvent the laws and decisions governing the sector, regardless of their position or role, in order to safeguard the rights of customers and preserve the integrity and stability of the insurance market.

He added that since its establishment, the Unit has been keen to issue regulatory decisions aimed at developing the insurance sector, raising the level of discipline and compliance within it, and strengthening the protection of customers’ rights.

For his part, Brigadier General Haqqawi Abdulaziz Al-Omar, head of the Security Directorates Affairs Sector at the Ministry of Interior, stressed in the statement the Ministry’s commitment to maintaining public order and enhancing compliance with prevailing laws and regulations across all sectors of the country, commending the cooperation and coordination with the Unit, which contributes to consolidating the rule of law and raising the level of compliance and discipline in the insurance sector.

Al-Omar said the Ministry would take, within its jurisdiction and in accordance with established legal procedures, all necessary actions against proven violations to ensure respect for the laws and decisions governing the sector and to prevent any disruption of public order, noting the activation of agreed-upon measures within the approved legal and procedural frameworks.

The statement further noted that both sides reaffirmed the necessity for sector employees and entities subject to the Insurance Regulation Law to comply with all laws, regulations, and decisions issued by competent authorities, and for covered companies to ensure that their employees adhere to applicable legal and regulatory requirements to avoid legal action. (End) A.J.R. / A.M.H.