Establishing a joint-stock national insurance company (issuance)

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

  • This service allows establishing a joint-stock national insurance company (issuance).

Eligibility or Criteria

  • 1. Economic feasibility study
  • 4. Submitting an application to the Minister
  • 3. The company must be a joint-stock company and 60% of its capital must be owned by Kuwaiti citizens.
  • Capital:
  • A- 5 million Kuwaiti dinars, for companies with life insurance activity
  • B- 5 million Kuwaiti dinars, for companies with general insurance activities
  • C- 15 million Kuwaiti dinars, for companies with re-insurance activities
  • 5. 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:
  • 1. 500000 KD, for life insurance and fund accumulation (life insurance companies)
  • 2. 500000 KD, for companies practicing general insurance
  • 3. One million KD, for companies practicing (life insurance and general insurance)

Required Documents

  • 1. Names of founders
  • 2. lease contract + receipt, or title document of the real estate
  • 3. Copy of the joint-stock company license after the establishment
  • 4. Types of insurance policies requested to be practiced
  • 5. Filling the form prepared for this purpose
  • 6. Letter from the company requesting practicing insurance activities
  • 7. Deposit certificate
  • 8. Certificate of the paid capital
  • 9. The articles of incorporations and bylaws

Procedures

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

Fees

​(100) KD for issuance

Downloadable Forms

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