Economy, Business And Markets

CII Details Supervisory Role

CII Details Supervisory RoleCII Details Supervisory Role

Financial eligibility check is the only supervisory instrument required in a mature insurance market, head of the Central Insurance Company of Iran on Sunday.

Mohammad Ibrahim Amin, emphasized at CII’s annual meeting that the Central Insurance acts as a “reinsurer” in its regulatory role and said the regulators’ supervisory activities are in accordance with market conditions, Shana reported.  

“The CII will never abuse its regulatory authority,” he noted.

CII supervises the insurance market for things like capital adequacy, transparency and financial statements, to protect the rights of clients, and qualify candidates for key positions in the sector.  He said the CII will launch the third phase of SANHAB, -- a domestic data system by the yearend (March 20, 2016). The platform records all insurance contracts and transactions in a transparent way, according to Amin.

Launched in 2014, SANHAB seeks to promote transparency in the insurance sector by tracking data related to sales networks, clients who have registered for claims/loss assessment, customer complaints, and financial supervision systems. Previously the data was sent physically by insurers.