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New Curbs on Insurance Agents

New Curbs on Insurance AgentsNew Curbs on Insurance Agents

The Central Insurance company of Iran, the regulatory body of the market, has warned agents against receiving insurance premium stressing that premiums must be paid directly to the insurance companies.
"As per the regulations, agents also are barred from receiving cheques from customers if the insurance policy is sold in installments…Cheques must be payable only to insurance companies," the CII website reported Tuesday. 
Rules require agents to use special payment codes for bank transactions to verify payments made by customers. 
The warning comes after the CII received complaints of illegal operations by some insurance agents. Differences emerged between the regulator, agents and brokers, and insurance companies after the new regulations were announced.

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