KUWAIT: Justice Minister Nasser Al-Sumait issued a decision on Monday to establish a committee developing the legislative system governing the insurance sector within a broader plan to update economic laws and bolster local business atmosphere.
In a statement to KUNA, Minister Al-Sumait affirmed that the new decision would protect all parties involved in the insurance sector in accordance with local and international laws of concern, adding that it would bolster trust in the national insurance sector.
The committee will include competent legal and technical staff tasked with reviewing all insurance laws as well as providing recommendations to update current legislation via exploring draft documents of concern, he asserted, adding that resulting proposals would be delivered to specialized authorities in preparation for constitutional procedures.
All types of insurance are on the table including obligatory vehicle insurance, real estate, fire and crisis insurance and so on, he revealed. The minister reiterated the need for establishing the committee to follow up on the latest legislative framework within the ever-developing regional and global economic sectors. — KUNA
