2 Insurance Firms Get Permit

The High Council of Insurance, Iran’s main insurance authority gave the green light to two new insurance companies last week -- Pars Reinsurance Company and Charisma Life Insurance Company.
Pars Reinsurance Company, affiliated with Parsian Financial Group, is the fourth reinsurance company in the country of 83 million people, raising hopes for improving competitiveness in the reinsurance sector. 
Only two reinsurance companies operate in the Iranian market, namely Amin Re and Iranian Re. A limited number of insurance firms have permits from the regulator to enter the reinsurance industry. Experts say loopholes and poor regulations are depriving the reinsurance industry from playing its expected role.