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Kuwait Commerce Min. forms team to develop insurance sector |
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Business News
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Wednesday, 19 October 2011 07:41 |
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Minister of Commerce and Industry Dr. Amani Bouresly said Tuesday she formed a special team tasked with developing the insurance sector in Kuwait.
She said she would issue a ministerial decision soon that regulated the establishment of insurance and reinsurance companies in Kuwait.
Bouresly's remarks came in a press release following her meeting with representatives of the union of insurance companies, some listed firms in Kuwait stock market and Chamber of Commerce and Industry.
She said the ministry of commerce and industry was about to study a draft law to monitor the insurance sector.
Bouresly said today's meeting "will largely contribute to solving issues and problems and challenges facing this vital sector which plays an important role in the economy of Kuwait." She said they discussed how to organize the profession of insurance brokers, as well as the establishment of an authority to organize insurance sector.
She said the union of insurance companies tabled two proposals, one over insurance of government facilities and the other insurance of labor.
The minister noted that the insurance sector has witnessed noticeable growth over the past five years.
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