Economy, Business And Markets

MIC to Expand Insurance Services

MIC to Expand Insurance ServicesMIC to Expand Insurance Services

Moallem Insurance Company (MIC) plans to develop its overseas activities, Majid Benvidi, the company’s vice-president said in an interview with IRNA.

In the past three years, MIC’s ability to issue insurance letters for various purposes, including for ships in international ports, were hindered by the US-led sanctions. The easing of sanctions has resolved the problem and now MIC can issue insurance letters for a variety of markets hence playing a more active role in the area of reinsurance, Benvidi said.

In 2012, EU placed sanctions on MIC as it provided insurance services to Islamic Republic of Iran Shipping Line while it only provided services for commercial and business development purposes, according to Benvidi. MIC filed a lawsuit against EU sanctions via the legal department of the presidential office and hired a lawyer to follow up the case. The complaint was later addressed in February 2014 by a court in Luxemburg where MIC officials and lawyers were present to defend their case. Lack of convincing evidence against MIC helped the company win the case. The verdict was handed down on July 10, 2014 and since it was not appealed within the designated two months, it has now come into effect.

HM Treasury, Britain’s economic and finance ministry which maintains control over public spending and sets the direction of the country’s economic policy, has lifted financial sanctions against several Iranian companies and a businessman, in a notice released on Friday. According to the note, an asset freeze no longer applies to Babak Zanjani, a businessman who is now in jail in Iran over alleged economic corruption during the previous government. Other entities which got rid of the financial sanctions imposed by the British government include Sorinet Commercial Trust (SCT), Sharif University of Technology, National Iranian Tanker Company (NITC), Sina Bank and the MIC itself.