Iran Insurance Industry – Governance, Risk and Compliance
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Iran Insurance Industry Report Overview
The Iran insurance industry research report provides a 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. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Iran Insurance Industry Dynamics
The Central Insurance of Iran (CII) or Bimeh Markazi Iran is responsible for the supervision and regulation of the insurance industry in Iran. The CII was established in 1971 and has been instrumental in ensuring the stability and efficient functioning of insurance services. The CII’s obligations and rights are stipulated in the Establishment Law. The CII is headquartered in Tehran and comprises the General Assembly, High Council of Insurance, management board, and inspectors.
The duties, responsibilities, and powers of the CII include preparing by-laws and regulations and issuing directives necessary for the promotion and proper execution of insurance operations. In addition, they also compile necessary information on the operations of all insurance organizations and regulate compulsory reinsurance operations.
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Iran Insurance Industry - Key Bodies
The other body that oversees the Iran insurance industry is the International Association of Insurance Supervisors (IAIS). The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors.
The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. The primary objectives of IAIS are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
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Iran Insurance Industry Overview
Key Regulatory Bodies | Central Insurance of Iran (CII) and International Association of Insurance Supervisors (IAIS) |
Scope
- The report covers details of the insurance regulatory framework in 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.
Key Highlights
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.
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Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in 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.
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Frequently asked questions
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Who is the key regulator of the Iran insurance industry?
The insurance industry in Iran is regulated by the Central Insurance of Iran (CII).
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Which other body oversees the Iran insurance industry?
The International Association of Insurance Supervisors (IAIS) is the other body that oversees the insurance industry in Iran.
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What are some of the primary responsibilities of the CII?
The duties, responsibilities, and powers of the CII include preparing by-laws and regulations and issuing directives necessary for the promotion and proper execution of insurance operations. In addition, they also compile necessary information on the operations of all insurance organizations and regulate compulsory reinsurance operations.
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What is the function of the IAIS?
The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors.
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