Economy, Business And Markets

Gaping Hole

Gaping Hole Gaping Hole

Central Insurance company of Iran is looking at the status of third-party vehicle insurance performance over the past five years and the primary results indicate a gaping hole, said Mohammad Ibrahim Amin, the CII president. He added that insurance companies incorporate their unsettled dues in their financial statements to cook their books, which endangers their future as the difference is compensated by shareholders, Risknews website quoted him as saying on Sunday. Iran Khodro, for instance, owes insurance firms a total of 7-8 trillion rials ($232-$265 million at the official exchange rate), according to the top insurer. He added that as the regulatory body of insurance industry, the CII has to cajole insurers to balance their reserves and reflect genuine figures  in their financial statements.