Iran Insurance Company (IIC) which has taken over Tose’e Insurance Company (TIC) is now in charge of the failed insurer, Banker reported, citing IIC’s managing director. After TIC’s operation license was nullified by the Supreme Council of Insurance in February, the council approved for IIC to take over the peer company. Accordingly, a joint workgroup has been formed consisting of the staff members of both insurance companies, said Mahmood Amrollahi. To compensate the losses, Amrollahi has estimated that 600 billion rials ($18.3 million at official exchange rate) is needed. Clients can receive further information on when compensations will be paid via IIC’s website.
