Latest News
- 5 Deported Bangladeshis Arrested For Illegal Entry
- Kuwait's Largest Liquor Factory Raided, Four Arrested
- 40,000 Kuwaitis Traveled To Oman In 2023; Tourism Increases
- MoE Rolls Out An Advanced Mobile App
- The Population Growth In Kuwait Raises Economic Concerns
- Jobless Kuwaitis Number Expected To Rise - CSC Blamed For Chaos
- Temporary Closure Of The Kuwait City Tunnel
- DGCA Recorded 1.1m April Travelers
- Bedouns Are Reminded To Obey Laws By Kuwait
- Heavy Fines And Deportation For Unauthorized Hajj Pilgrimage Imp...
- New Advertising Rules In Kuwait Slash Violations In Four Months
- Municipality Issued 86 Warnings For Vision Obstruction In Mubara...
Moci Has Formed A Committee To Check Financial Transactions Of Insurance Firms
The Minister of Commerce and Industry and Minister of State for Services, Khalid Al-Roudhan has formed a committee headed by Dr Saleh Al-Aqili, head of the insurance company to check the accounts of all insurance companies in an effort to ensure the safety of their financial transactions, reports Al-Rai daily quoting reliable sources.
The sources pointed out the approach of the minister in this regard is part of his efforts to control and detect any violations that may have been committed by this sector, especially after the Union of Insurance Companies accused some companies that they do not meet the technical and financial requirements of insurance coverage and are threatened with failure to meet their financial obligations to individuals or companies, after offering cheap prices that don’t favor equity or the reputation of the insurance market. The sources pointed out that the committee will prepare a plan of action, which will include inspecting the records of insurance companies and auditing their finance sectors in an effort to ascertain the number of documents issued by them and the extent of their commitment to prices, especially for documents issued for cases of insurance against other companies.
The committee will ensure that all terms and conditions are met and will determine their impact on levels of market liquidity, the extent to which they met their obligations to other insurance companies. The sources pointed out that the committee will also look into the bank accounts of the insurance companies, to ascertain the availability of money to go in accordance with their business, in addition to identifying their investments and their qualities, and whether they have realized in their budgets losses or profits.
Trending News
-
AstraZeneca Admits Covid Vaccine Can Cause Rare Si...
29 April 2024
-
Work Permits Will Be Issued For One Year Under The...
27 April 2024
-
Kuwait Unveils Monumental Solar Energy Project For...
06 May 2024
-
Ministry Of Health Amend 'nature Of Work' Allowanc...
28 April 2024
-
Gulf Electrical Interconnection Project Will Boost...
04 May 2024
-
In 3 Months, Kuwaitis And Expats Bought 4 Tons Of...
01 May 2024
-
Kuwait Banks Seek Clarity From Central Bank On Cit...
04 May 2024
-
Kuwait Cracks Down On Bachelors
02 May 2024
-
Expat Deported For Inciting Child Murder
28 April 2024
-
Kuwait Organizes 30 Events To Protect Children Fro...
04 May 2024
Comments Post Comment