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LIST OF INSURANCE COMPANIES IN Kuwait
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الكويت - آسيا - شعار لشركات التأمين حول العالم. The graphic mark of a company is synonymous with its brand. In insurance, a logo is instantly recognizable and allows that the customer associates the company with useful qualities such as trust, the fair price, and many other vital issues on the task of finding the best insurance. Click the logos of the Insurance Companies for getting a bunch of updated information offering each insurer of Kuwait. We want to help you to find the best Insurance by the Internet
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Kuwait Insurance Company. Kuwait Companies - World Insurance Companies Logos
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Warba Insurance.
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Al-Ittihad Al-Watani.
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Bahrain Kuwait Insurance Company (B.S.C.)
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STATE OF KUWAIT-FLAG
KUWAIT - NEWSPAPERS
Find out Insurance Companies in Kuwait with "Google Map" |
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MetLife, Inc. Kuwait Companies - World Insurance Companies Logos
First Takaful Insurance Co.
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Enaya Insurance
Kuwait Companies - World Insurance Companies Logos
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Gulf Insurance Company K.S.C.
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KW Insurance Agency. Kuwait Companies - World Insurance Companies Logos
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Al-Ahleia Insurance Co.
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Insurance Industry
Regulatory Requirements
A well-developed insurance industry, which efficiently pools and transfers the financial consequences of risks, is an imperative for a stable financial system. A sound regulatory framework, that ensures the financial strength of insurers is, therefore, important to all market participants and crucial for the health of the economy. Insurance Department under the Ministry of Commerce and Industry (MoCI) is the supervisory authority of insurers, reinsurers and insurance intermediaries operating in Kuwait, and Law No. 24 of 1961 concerning insurance companies & agents, along with the relevant amendments, is the governing regulation. The following major amendments were made to the law in 2011 in an attempt to strengthen the supervisory mechanism
The salient features of Kuwait’s insurance regulations, after the above amendments, are as follow.
1. Minimum capital requirement – The minimum capital requirement for Kuwaiti insurers and reinsurers was increased significantly in 2011. Currently, the total capital of Kuwaiti insurers and reinsurers should not be less than KWD 10 mn for composite insurers and KWD 15 mn for reinsurers (up from the paid up capital requirement of only KWD 150,000).
2. Deposit reserve requirement – Every insurance company with operations in life insurance and capital insurance segments should deposit KWD 500,000 (up from KWD 45,000), as a guarantee towards the fulfillment of its obligations, in a Kuwaiti bank or in a Kuwaiti branch of a foreign bank.
The deposit requirement for companies dealing with other types of insurance is also KWD 500,000. Kuwaiti insurers that have operations in both life and non-life segments are required to deposit an amount of KWD 1 mn.
3. Financial disclosure – Every company should submit an annual balance sheet certified by an auditor
and a report on the company’s insurance operations during the year. Companies selling life insurance, premium insurance or capital insurance should have, at least once in every three years, a comprehensive valuation of their assets and liabilities carried out by an actuary.
4. Investment restrictions – Life insurance and capital insurance companies are required to keep in Kuwait the full mathematical reserves on policies concluded in Kuwait. Retention rates of unearned premiums are 25% for marine & aviation segment, 40% for other general insurance segment and 100% for long term insurance segments. Furthermore, the total amount of outstanding claims of all segments should be retained within Kuwait.
From Insurance Industry
A well-developed insurance industry, which efficiently pools and transfers the financial consequences of risks, is an imperative for a stable financial system. A sound regulatory framework, that ensures the financial strength of insurers is, therefore, important to all market participants and crucial for the health of the economy. Insurance Department under the Ministry of Commerce and Industry (MoCI) is the supervisory authority of insurers, reinsurers and insurance intermediaries operating in Kuwait, and Law No. 24 of 1961 concerning insurance companies & agents, along with the relevant amendments, is the governing regulation. The following major amendments were made to the law in 2011 in an attempt to strengthen the supervisory mechanism
The salient features of Kuwait’s insurance regulations, after the above amendments, are as follow.
1. Minimum capital requirement – The minimum capital requirement for Kuwaiti insurers and reinsurers was increased significantly in 2011. Currently, the total capital of Kuwaiti insurers and reinsurers should not be less than KWD 10 mn for composite insurers and KWD 15 mn for reinsurers (up from the paid up capital requirement of only KWD 150,000).
2. Deposit reserve requirement – Every insurance company with operations in life insurance and capital insurance segments should deposit KWD 500,000 (up from KWD 45,000), as a guarantee towards the fulfillment of its obligations, in a Kuwaiti bank or in a Kuwaiti branch of a foreign bank.
The deposit requirement for companies dealing with other types of insurance is also KWD 500,000. Kuwaiti insurers that have operations in both life and non-life segments are required to deposit an amount of KWD 1 mn.
3. Financial disclosure – Every company should submit an annual balance sheet certified by an auditor
and a report on the company’s insurance operations during the year. Companies selling life insurance, premium insurance or capital insurance should have, at least once in every three years, a comprehensive valuation of their assets and liabilities carried out by an actuary.
4. Investment restrictions – Life insurance and capital insurance companies are required to keep in Kuwait the full mathematical reserves on policies concluded in Kuwait. Retention rates of unearned premiums are 25% for marine & aviation segment, 40% for other general insurance segment and 100% for long term insurance segments. Furthermore, the total amount of outstanding claims of all segments should be retained within Kuwait.
From Insurance Industry
Kuwait Companies - World Insurance Companies Logos
