KUWAIT, Nov 6 (KUNA) -- The 5th Gulf Insurance Forum wound up here Thursday by stressing the significance of creating a common Gulf insurance market and sharing experience among Gulf insurers.

In the final session of the forum, which was chaired by Kuwait-based Gulf Insurance Company Managing Director and CEO Khalid al-Hassan, Dr. Mostafa Rajab, an insurance advisor in Abu Dhabi, set a plan of action for a common Gulf insurance market to be put in place.

The uniform law for supervision and control over insurance in the GCC member countries is a binding legislation, rather than merely a guideline document, so rules should be set for insurance companies, Rajab said.

He urged a decisive attitude towards non-Gulf insurers working in the GCC countries, categorization of insurance activities and separation between life insurance and general insurance.

Calling for enacting a uniform Gulf insurance bill, Rajab said insurance developments are a reflection of economic and social changes in the society.

For his part, Doha Insurance Company General Director Bassam Hussein recognized that the insurance sector in Qatar was facing several obstacles blocking its development.

He regretted that some legal and regulative frameworks for foreign insurers working in Qatar failed to provide a just competitive atmosphere.

Therefore, he called for imposing no restrictions on the activities of insurance companies.

The two-day forum, which was inaugurated by Kuwait's Commerce and Industry Undersecretary Rasheed Al-Tabtabaei earlier on Wednesday, was held under the auspices of Minister of Commerce and Industry Ahmad Baqer.

© Copyright Kuwait News Agency 2008.

 

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