On Jul. 21, KUW CMA excluded companies from corporate governance.
KUW CMA issued Resolution No. 90/2024 re listed companies subject to supervision of insurance regulatory unit exclusion from executive regulations of Law 7/2010 book 15.
Comes in line with MoU between KUW CMA and Unit re roles determined by legislator for Insurance Unit in the regulation of companies operating in insurance activity field.
Key Provisions
Amended Module 1 regarding glossary and Module 15 regarding corporate governance of the executive bylaws of Law No. 7 of 2010 pursuant to annex 1 of this resolution.
Added a new article to Module 1 to insert the expression of Insurance Regulatory Unit.
Article 1-3 Module 15 added listed companies subject to the supervision of insurance regulatory unit to the list of companies excluded from corporate governance rules.
All the concerned bodies must execute this resolution, each within its jurisdiction.
Effectiveness
Resolution is effective as of Jan. 1, 2025, and shall be published in the official gazette.
