Kuwait’s insurance regulatory unit has introduced new rules to issue compulsory insurance policies and strengthen safety. The new rules include an declaration and pledge segment to ensure that policyholders fully know about coverage terms and advanced digital safety measures such as QR code systems are introduced to prevent forgery and fraud.TL; Dr:
- Compulsory insurance policies should now include a declaration clause that confirms awareness about the terms, exceptions and coverage boundaries of the insured.
- A QR code system will be implemented within 180 days of official publication to issue electronic policy.
- Integrated theory and technical control will improve electronic systems, information safety and beneficiary awareness.
Description of new insurance policy rules
Mohammad al-Otabi, head of Kuwait’s insurance regulatory unit, underlined the main features of the new resolution, which highlights an announcement in insurance contracts and the compulsory inclusion of the pledge segment. This section confirms that the insured or policy clearly understands all major terms, conditions, coverage exceptions and boundaries before the customer policy is accepted.Rules mandate the installation of a QR code system on policies, which have been set to be implemented 180 days after the publication of resolution in the official gazette. This timeline allows insurance companies to update their electronic systems and fully complose new measures. The attachment of the resolution determines strict technical control to develop the electronic policy issuing platforms. These controls address information protection and data security, which aims to prevent fraud and fraud practices, ensuring smooth user experience for policyholders.
Impact on insurance sector and beneficiaries
By uniting the standards and processes of issuing, the resolution is designed to improve the integrity and credibility of the infrastructure of the insurance market. Promotional awareness efforts will help the insured and beneficiaries to understand their rights and coverage widely. The insurance regulator unit looks at these stages as part of the ongoing reforms to align Kuwait’s insurance practices with international best standards, promoting the efficiency and transparency of the region.Mohammad al-Otabi stressed that the new rules would protect the rights of policyholders, support the national economy, and strengthen social stability by promoting a reliable and efficient insurance environment.
Fasting
- 1. Which new section should be included in Kuwait’s compulsory insurance policies?
A declaration and pledge section that confirms awareness about the terms, exceptions and coverage limits of the insured. - 2. How will the QR code system improve insurance policies?
This will increase the security of electronic policy issuing and help prevent forgery and fraud. - 3. When will the QR code system be implemented?
Within 180 days after the publication of regulation in the official gazette. - 4. Who is responsible for implementing new insurance policy rules?
Kuwait’s insurance regulatory unit follows integrated principles and technical controls. - 5. What are the main goals of new insurance rules?
To protect the rights of policyholders, improve the efficiency of insurance sector, and support the national economy and social stability.
