7 Insurers Penalized for Non-Compliance

The Central Insurance company of Iran has banned seven companies from selling third-party auto insurance policies because of their failure to meet CII's deadline for cutting ties with unauthorized applications.
According to a report carried by Risknews, the CII stopped assigning special ID codes to policies sold by the penalized companies from Wednesday evening.
The CII had warned insurance companies and agents against offering services to unauthorized applications and websites. "As of June 22 insurers who fail to meet the new regulations will be penalized as per law, which allows the regulator to bar CEOs of noncomplying companies and suspend their operation in certain categories."