The Iranian insurance industry is regulated and supervised by the Bimeh Markazi Iran (Central Insurance of Iran - CII). The CII has been regulating the Iranian insurance industry since 1971. It ensures stability and the efficient functioning of insurance services. The CII’s obligations and rights are stipulated in the Establishment Law 1971. The CII is headquartered in Tehran and comprises the General Assembly, High Council of Insurance, management board, and inspectors.
The primary act which governs insurance activities in Iran is Insurance Act 1937, which was enacted in March 1937. The act was introduced to regulate insurance and insurance mediation activity in order to make Iranian insurance operations credible, efficient, safe and stable. The act comprises the definitions, licensing process, capital requirements, policy terms, and penalties for the offenders of the provisions.
Key Findings -
- The Iranian insurance industry is regulated by the Central Insurance of Iran
- The government of Iran allows 20% foreign direct investments in the insurance industry with prior approval from the CII, which can be increased to 49% provided prior approval is obtained from the High Council of Insurance and the Board of Ministers
- Composite insurance is permitted in Iran
- Non-admitted insurance is not permitted
- Motor third-party liability insurance is compulsory in Iran
The report “Governance, Risk and Compliance - The Iranian Insurance Industry” is the result of extensive research into the insurance regulatory framework in the Iran. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.
The report “Governance, Risk and Compliance - The Iranian Insurance Industry” provides -
- An overview of the insurance regulatory framework in the Iran
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Iran
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country
- The report covers details of the insurance regulatory framework in the Iran.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons To Buy
- Gain insights into the insurance regulatory framework in the Iran.
- Track the latest regulatory changes, and expected changes impacting the Iran insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.