(MENAFN- Arab Times) KUWAIT CITY, Aug 24: IATA is working closely with the Kuwait Travel and Tourism Agencies Association and directly with the agencies affected by the local Insurance service providers (3rd party) withdrawal of their product and coverage; all efforts are being made to ensure that they can maintain their IATA accreditation says a statement issued from IATA.
Of the 131 agencies affected only 39 are still pending reaccreditation — 14 percent of all IATA accredited agencies in Kuwait. We continue to engage these agencies to consider alternative acceptable forms of financial security as stipulated by Industry Resolutions and alternative available Accreditation Models.
There are a number of options available to affected agencies in addition to providing bank guarantees that may be less burdensome. IATA encourages the impacted agencies to reach out to IATA's customer service or to the Kuwait Travel and Tourism Agencies Association.
IATA as the administrator of the industry's global settlement systems has a responsibility to protect the integrity of the system by safeguarding the money of all participating airlines. A financial security manages the risk and enables the agents' participation in the global settlements systems.
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