KUWAIT, May 29 (KUNA) -- Individuals and companies can subject state authorities to third-party arbitration to resolve insurance cases, a prominent legal figure said on Thursday.
Abdel Rasoul Abdel Redha, a professor of civil law at Kuwait University, said during the second session of the first Kuwait insurance forum that the national arbitration is applied on domestic contracts. Foreign companies in the country favor arbitration abroad, he added.
Arbitration, unlike the commonly-known legal prosecution, is proceeded in closed-door sessions and its proceedings are considered secret, he said, adding that the judging panel groups experts, not justices.
Mohammad Yousef, the rector of the Faculty of Commerce of Cairo University, called for mergers in the insurance sector in light of diminishing competition, noting that the insurance sector should have a common and clear strategy for work throughout 30 years to make the coming generations sense that they will live in a secured society and protected against hazards and risks.
Fahad Bin Eid, insurance professor at the Faculty of Commerce Studies, noted that the insurance sector is marked with certain defects due to the lack of sufficient information for all the parties involved.
Copyright Kuwait News Agency 2008.
