Economy, Business And Markets

Tighter Employment Rules for Insurers

Tighter Employment Rules for InsurersTighter Employment Rules for Insurers

The Supreme Council of Insurance has notified insurance companies of new regulations approved on June 16, seeking to tighten employment rules at the insurance firms.

Central Insurance of Iran or Bimeh Markazi, the main insurance regulatory authority, has been urged to appoint “key employees” of both state and private insurance companies, according to CII’s website.

The “key employees” refer to senior managers, including board members, managing director and technical deputy and assistants, and financial specialists (investment, financial and risk managers).

Under the new approval, the key employees need to have five to 12 years of experience related to their organizational position and have at least a bachelor’s degree in such majors as insurance, statistics, economics, management, law, finance, accounting, industrial engineering and information technology. Eligible applicants will be employed if they successfully pass job interviews.

Operational employees also need to have at least five-year insurance-related work experience and hold at least a bachelor’s degree in a related major. However, eligibility of candidates will be assessed by a particular insurance company rather than the CII.

Under the new approval, CII supervises the proper implementation of new rules authorized to revoke the license of key employees should they provide fake personal information.

Those who had been employed before the new approval was released are not subject to the new regulations until their tenure ends or they are appointed to a new position, the website said.