The Insurance Regulatory Unit granted conditional preliminary approval to the Securities Group Company, Yacoo Medical Company, Gulf Insurance Group, Kuwait Insurance Company, and Amathus General Trading Company to establish a closed shareholding company for the purpose of practicing the activity of a central insurance depot, provided that the approval is valid for six months starting from October 29, 2024 to April 28, 2025, to meet the requirements and standards specified by the unit, in accordance with the provisions of Resolution No. 38 of 2023.

The Insurance Regulatory Unit indicated that it has the right to renew the conditional preliminary approval period, after the company submits a reasoned letter ten working days before the end of the period.

The unit prohibited practicing any activity after obtaining final approval and register in the central insurance depots registry at the unit. 
The capital of the company to be established is 25 million dinars, and it will be under the name “Kuwait Central Insurance Depot Company”.