Mellat Insurance, affiliated with Bank Mellat, is planning to establish Iran’s second life insurance company, said Alireza Ebrahimpour, Mellat Insurance’s CEO. Mellat is set to own a 20% stake in the planned firm and the remaining shares will be held by four other entities, Ebrahimpour told Risknews.ir on Monday. He added that talks are underway with the Ministry of Cooperatives, Labor and Social Welfare, and Bank Refah over the remaining shares of the new company. The announcement came right after Middle East Life Insurance Company started operations on Monday. The Central Insurance of Iran has announced that it will issue no new license for general firms, in an attempt to promote professional services by insurance firms. Life insurance accounts for nearly 12% of the industry’s portfolio in Iran.
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