Four insurance companies have received penalties from the country’s main insurance regulator, Central Insurance of Iran (CII), IRNA reported on Tuesday. The four companies are Iran Insurance Company, Karafarin Insurance, Kowsar Insurance, and Mihan Insurance. According to CII’s public affairs, the measure has been taken to “maintain the health of the insurance market and to nip unhealthy competitions and major insurance risks in the bud.” The companies had failed to uphold the regulations which need to be followed for issuing insurance and in some cases they had not complied with the set rates for premiums. Also, some had failed to pay CII’s reserve requirement.
