Iran Insurance Company (IIC) will increase the compensation payment ceiling for Compulsory Motor Third Party Liability Insurance (CMTPL) to 2.2 billion rials ($78,000 at official exchange rate) said a member of the company’s board of directors. The service will be given free of charge to customers, said Mohammad Heydari, explaining that the measure has been taken following the directive of the Central Insurance of Iran which had called upon insurers to increase CMPTL without extra charge. Systems for issuing insurance have been corrected in all executive branches of IIC and a 10 percent increase has been implemented on CMPTL, he said. If clients have purchased insurance in the previous fiscal year (which ended March 20) and the expiry date has not yet passed, they will also receive the increase and receive an additional document that as certification.
