Fifth Reinsurance Co. Gets Permit

The High Council of Insurance, the top regulatory body of Iran’s insurance industry, has approved a proposal for establishing a reinsurance company.
Tehran Reinsurance Company will be the fifth of its kind in Iran and the third to be founded in the calendar year that ends in March, Risknews reported. It is private company, but no details were avialble.
Amin Re and Iranian Re are the two top specialized reinsurance company so far. A limited number of firms have permits from the regulator to enter the gradually growing reinsurance industry. Experts say loopholes and poor regulations are depriving the reinsurance industry from playing its expected role. However, reimposition of US sanctions plus growing demand for reinsurance, prompted investors to rise to the occasion. 
The Central Insurance company of Iran announced earlier it had received 30 applications for setting up insurance and reinsurance firms. 
Saman Reinsurance Company was given a license by the regulator and will make a debut soon. It will be Iran's third reinsurer. Pars Reinsurance Company, affiliated to Parsian Bank, is the fourth to acquire a permit.  
Iranian insurance companies cover nearly $500 billion worth of risks. This is while most risks are covered by local firms, including reinsurance companies, insurance companies and the CII.
The CII says it welcomes new firms. "Investors are interested in starting insurance companies. Newcomers will help boost competitiveness" in the gradually growing industry, the CII chief Gholamreza Soleimani has said.