Parliament Rejects Gov't Ruling on Support for Insurance Startups

The parliamentary board responsible for monitoring government approvals’ compatibility with the law has rejected a decision by the government requiring the Central Insurance company of Iran (CII) to support insurance startups and online brokers. 
It said according to the insurance law the High Council of Insurance has the final say on regulation guiding the insurance industry and thus the government-appointed digital economy working group was not qualified to approve any rules in this regard. 
Last August the Raisi administration approved new rules ordering the CII to create policy mechanisms for effectively supporting insurance startups. 
"The regulatory body of the insurance industry is obliged to prepare infrastructure to upraise supervision and payments, improve creditworthiness and risk management systems, create instruments in accord with knowledge-based insurance products and a central gateway for services sold by startups," the rules say in part.