CII Details Supervisory Role
Economy, Business And Markets

CII 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.

Short URL : https://goo.gl/Y5xJTn
  1. https://goo.gl/aUvfam
  • https://goo.gl/KQ0LxE
  • https://goo.gl/S8Jjip
  • https://goo.gl/j1dioG
  • https://goo.gl/hN8wil

You can also read ...

INTA Defends Monitoring of Bank Transactions
Head of the Iranian National Tax Administration Kamel Taqavi-...
TCI to Unveil eWallet
The local fixed-line operator Telecommunications Company of...
Democratic Senators Amy Klobuchar (L) and Mark Warner introduced the Honest Ads Act, in Washington, D.C. on Oct. 19.
A bipartisan group of US senators took the first steps this...
Iran-Iraq Bank Can Help Boost Trade
The head of Iran-Iraq Chamber of Commerce believes that the...
Banks’ Fiscal H1 Loan Portfolio at $68b
The Iranian banking system paid out 2.7 quadrillion rials ($67...
Iran Biggest Mideast Producer, Consumer of Footwear
Iran is the biggest producer and consumer of footwear in the...
The cost of releasing an album in the European countries is far higher than in Iran.
It’s tough to be a musician in Iran and tougher for music...
Census Mode to Change  in 4 Years
The traditional method of conducting population census based...