Head of Kuwait’s Insurance Regulatory Unit Mohammad Al-Otaibi said Sunday the Unit has secured revenues of KD 8.8 million (USD 28 million) since it was launched two years ago.
The revenues in FY 2021-2022 hit KD 4.449 million (USD 14.4 million) which covered the expenditure of the Unit and spared the state budget from any costs, he said on the issuance of the second report of the Unit.
Through issuance of more than 100 circulars, the Unit regulated the insurance sector in Kuwait, amended the rules of civil liability insurance resulting from road accidents and specified the rules of the combat against money laundering and financing for terrorism, Al-Otaibi added.
Source: Kuwait News Agency