Insurance Authority Orders Companies to Update Beneficial Ownership Data by July 30

The Insurance Regulation Unit has called on all companies subject to the provisions of Law No. (125) of 2019 concerning the regulation of insurance and its executive regulations to complete the procedures for updating beneficial owner data and disclose it through the Ministry of Commerce and Industry’s portal, no later than July 30.

In a circular, the Unit clarified that updating the data enhances transparency and regulatory compliance requirements in the insurance sector. It urged companies to electronically update and disclose beneficial owner data via the Ministry of Commerce and Industry’s portal, along with providing several documents, including an extract of the beneficial owner (beneficiaries’ data) issued by the Ministry of Commerce and Industry after the update. This requirement does not apply to companies wholly owned by the Government of Kuwait or by a foreign government, as well as legal entities listed on local and international stock exchanges.

The Unit also mandated joint-stock companies to submit a recent register of shareholders, while other entities must provide an extract showing ownership percentages issued by the Ministry of Commerce and Industry.

The Unit stressed that failure to comply with the circular’s provisions grants it the right to hold non-compliant companies accountable in accordance with the provisions of the Insurance Regulation Law and its executive regulations, as well as the decisions and circulars issued thereunder, alongside relevant laws, paving the way for taking necessary legal action against violators.