The insurance industry in the State of Kuwait has undergone a significant regulatory transformation with the establishment of the Insurance Regulatory Unit (IRU). This change coincided with the issuance of Law No. 125 of 2019 and its Executive Regulations, along with the resolutions and circulars supplementing this legislative framework. These legislations require insurance companies to meet a set of essential requirements related to corporate governance, actuarial reporting, feasibility studies, and periodic assurance reports.
These regulatory instructions are applicable to all traditional and Takaful insurance companies, as well as reinsurance companies, placing a responsibility on these companies to fully comply with the new regulatory practices.
In light of these changes, Baker Tilly Kuwait is committed to providing comprehensive support to insurance companies in navigating regulatory and compliance challenges, helping them continue to attain success and growth within the new legislative framework through rendering the following services:
