Iran Insurance Company (IIC) is set to take over another peer company, Tose’e Insurance Company (TIC), the Supreme Council of Insurance announced on Tuesday.
The work permit of TIC has now been nullified following the decision by the SCI.
Consequently, the company’s work permit for vehicle insurances (including third-party insurance, collision coverage, and personal injury protection) and life insurance have been revoked, ILNA reported.
Earlier in the year, a legal case was filed against the company, which has been struggling with numerous problems, the report said without giving any more specifics on the issue.
The company has been banned from doing insurance activities since January 21.
Central Insurance public affairs has now announced that with the approval of Central Insurance’s General Assembly, the Supreme Council of Insurance and the administration all past records of the TIC will be signed over to the state-owned IIC, which is expected to gradually compensate TIC’s past losses and cover any of its possible future loss.
