Establishing agency for Arab and foreign insurance companies

This service is provided by Ministry Of Commerce And Industry
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Service Description

  • This service allows business sector to establish agency for Arab and foreign insurance companies

Eligibility or Criteria

  • Economic feasibility study
  • 2. The paid capital of the company must not be less than 10 million Kuwaiti dinars
  • 3. The companies are not granted a license for practicing insurance activities except after finishing the registration procedures, as per the provisions of the Commercial Companies Law
  • - Putting a deposit at the bank as a guarantee of:
  • 45000 K.D for life insurance and a guarantee for capitals
  • 30000 K.D for other insurance types. The total for the other types of insurance must not exceed 1200000 K.D, with exception to the amount mentioned in clause (1).
  • 4. Submitting an application to the Minister
  • 5. The deposit may be in form of funds, Kuwaiti company shares, bonds issued by Kuwaiti companies, real estate mortgage, or a bank guarantee from an approved bank.
  • 6. Submitting the budget of the last 3 years and the budget of the year previous to applying for the license
  • 7. Copy of the power of attorney
  • 8. Applying for issuing an insurance company license
  • 9. Response of the municipality, in addition to lease contract + lease receipt

Required Documents

  • 1. Lease contract + receipt
  • 2. Types of insurance policies requested to be practiced
  • 3. Submitting the power of attorney contract to a Kuwaiti agent who is not less than 21 years old and of a good reputation and conduct
  • 4. Submitting and examining documents
  • 5. Letter from the company requesting practicing insurance activities
  • 6. Certificate of the paid capital
  • 7. Deposit certificate
  • 8. Filling the form prepared for this purpose

Procedures

Visit the Ministries Complex, Ministry of Commerce and Industry, 2nd floor, 1st block, Insurance Department and submit the required documents

Fees

​(100) KD

Downloadable Forms

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