New General Insurance Company Gets CII Permit

The Central Insurance company of Iran, the regulatory body of the industry, issued permission for the establishment of a general insurance company last week to improve and expand services.
Farda Insurance, according to Razepool website, is the third general insurance company to enter the rapidly growing market in recent months. HiWeb company, an internet service provider company, is reportedly the major shareholder of Farda Insurance.
The regulator said more insurance companies is a need for increasing the penetration rate and enhancing quality, head of the CII said earlier.
"Our studies show the domestic insurance industry has the capacity for 56 companies," he claimed. "The newcomers should have strong financial prowess."