Tose’e Insurance Company, the firm that caused uproar last year for infringing the rights of its customers, is still recognized by the website of the Central Insurance of Iran -- the main insurance regulatory authority. In an exclusive report on Saturday, Akhbar Bank news website revealed that the list of private insurers recognized by the regulator includes Tose’e company which was banned from offering insurance policies by the CII last year. While customers are always advised to affirm the validity of insurers on the CII’s website, the information giving recognition to a blacklisted company is misleading. Meanwhile, Ayat Karimi, former development deputy at the CII told Risk News website that the regulatory role of the CII is limited to issuing guidelines and there are no guarantees for its rulings to take effect. “For instance, the law states that if an insurance firm fails to meet its obligations the Supreme Insurance Council can dismantle that company provided that the general assembly -- comprised of several cabinet ministers -- approves the decision, which in effect gives the council a ceremonial status,” Karimi said.
