Iran's Central Insurance and the Bolivarian Republic of Venezuela's insurance regulatory authority (Superintendencia de la Actividad Aseguradora) have signed a memorandum of understanding (MoU) aimed at strengthening constructive relations between the two countries and expanding technical and specialized insurance cooperation.
According to the Central Insurance Company of Iran’s Public Relations Department, the MoU was signed in early June between Omar Orozco Colmenares, the head of Venezuela's Insurance Regulatory Authority, and Mehdi Safari, the deputy for economic diplomacy at the Foreign Ministry.
Under this agreement, both parties have agreed to cooperate in facilitating the establishment and operation of insurance companies and reinsurance firms by issuing licenses in accordance with the prevailing laws and regulations of the two countries.
Additionally, the MoU enables insurers and reinsurers from both countries to invest in the other country’s market.
Collaboration and exchange of experience in various areas such as actuarial science, life insurance growth, claims assessment, insurance technology, investment methods for financial resources and reserves, as well as innovative supervision methods, was also among the agreed articles.
The two sides also agreed upon facilitation of mutual insurance activities, transfers and acceptance of reinsurance through the issuance of insurance policies. The promotion of technical expertise and specialization of insurance professionals and experts is highlighted through joint sessions, specialized courses, workshops and the dispatch of experts.
Earlier this month, Iran and Venezuela signed a host of agreements to boost mutual relations and announced a plan to increase the volume of bilateral trade to $20 billion.
The announcement came in a joint press conference attended by Iranian President Ebrahim Raisi and his Venezuelan counterpart, Nicolas Maduro, in Caracas, after the top officials held bilateral talks, according to President.ir.
The Iranian president was visiting Venezuela on the first leg of his tour of three Latin American nations.
“We have decided to increase cooperation between the two countries. The volume of trade exchanges between Iran and Venezuela will be increased to $10 billion in the first step, which can be raised to $20 billion in the second step,” he said.
Raisi noted that Tehran’s relations with Caracas are not ordinary diplomatic ties, but are of a strategic nature.
“Having common interests, positions and enemies has helped deepen cooperation between the two countries and make it strategic,” Raisi said.
The press conference was preceded by an official ceremony during which the two countries’ ministers and other top officials signed 19 cooperation agreements and memorandums of understanding.
The agreements are aimed at expanding cooperation between Tehran and Caracas in many areas, including in the field of petrochemicals, as the two sides move to expand cooperation in the oil sector.
The documents will also help boost the two countries’ cooperation in such areas as information and communication technology, energy, insurance, marine transportation, higher education, agriculture, medicine, culture and mines.
