CMA LAW: Circular No. (17) of 2023 “Circular to all Insurance Companies Listed in Boursa Kuwait Securities Exchange Subject to the Provisions of Module Fifteen (Corporate Governance)” of the Executive Bylaws of Law No. 7 of 2010 and their amendments”

In reference to the Insurance Regulatory Unit Resolution No. 58 of 2023 regarding the Issuance of Corporate Governance Regulations, as amended by Resolution No. 59 of 2023, and to the Memorandum of Understanding Regarding Coordination of Cooperation between the Capital Markets Authority and the Insurance Regulatory Unit dated 03/09/2023 which contained Articles 3-1-1/3-1-2/3-1-3 “ in the field of corporate governance” within Chapter Three: “Business Areas” which stipulates the following:

“Article 3-1-1:

The provisions of Module Fifteen (Corporate Governance) of the CMA’s Executive Bylaws shall apply to listed insurance companies until the Unit issues its own governance regulations.

Article 3-1-2

The CMA shall continue to monitor the governance reports of listed insurance companies to verify compliance with corporate governance requirements and procedures, until the Unit issues its own governance regulation.  The monitoring process then transfers to the Unit after the transitional period (if applicable).

Article 3-1-3

The CMA shall continue to monitor the compliance of listed insurance companies through a monitoring model for the application of corporate governance approved by the CMA. This is to ensure compliance with governance requirements until the Unit issues its governance regulations. The monitoring process shall then be transferred to the Unit after the transitional period (if applicable).”

Accordingly, the CMA draws the attention of insurance companies listed on the Boursa Kuwait Securities Exchange to comply with providing the CMA with the following:

1- Corporate Governance Application Monitoring Form, to be submitted within 10 working days from the end of the 2023 financial year for the period from 01/01/2023 to 31/12/2023 through the file that will be sent via e-mail.

2- Corporate Governance Report Compliance Form for the financial year ending on 31/12/2023, before the date of the Company’s ordinary general assembly, through the CMA’s electronic portal.

It is worth noting that the mentioned forms are the final reports to be received by the CMA before the complete transfer of supervision to the Insurance Regulatory Unit on 01/01/2025.

Prof. Ahmad Almelhem
Issued on: 12/12/2023

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