Insurance Deals With Carmakers Barred
Economy, Business And Markets

Insurance Deals With Carmakers Barred

The Central Insurance of Iran has barred insurance companies from signing direct contracts with automakers for selling third party auto policies. According to the CII website, the measure aims to curb corruption and fraud in the key industry and promote competition. From next year (beginning March 20), insurance firms have to sell third party policies directly to car owners. Automakers usually sell brand-new cars with a free one-year third party policy included. Insurers usually sell such policies to automakers at lower prices, hoping to make profit on when the policies come up for extension in the following years. However, automakers have failed to clear their dues to the insurers, making the third party insurance a source of net loss. Iran Khodro, for instance, owes insurance firms an estimated 7-8 trillion rials ($232-$265 million).

Short URL : http://goo.gl/M5WYsd
  1. http://goo.gl/3Eetaz
  • http://goo.gl/rX4z4z
  • http://goo.gl/6G7qqQ
  • http://goo.gl/wy5p9Y
  • http://goo.gl/V8Oi1a

You can also read ...

An Iraqi peddler displays Iranian currency for sale in the capital Baghdad on Aug. 9.
Iraqi Prime Minister Haider al-Abadi has raised the level of...
Turkey to Defy US Sanctions, Maintain Trade Ties With Iran
Turkey intends to defy US President Donald Trump and continue...
CBI Delivering 2.5m Presold Gold Coins
The Central Bank of Iran has started the delivery of 2.5...
Google Rolls Back Android Messages to Old Design
On Thursday, it looked as though Google was starting to roll...
Iran Chamber of Commerce Urges FATF Compliance
Iran Chamber of Commerce, Industries, Mines and Agriculture,...
Private Housing Investments Rise
The uptrend in private sector investments in the housing...
New Foreign Exchange Policy:  Exporters’ Savior or Bane?
The new forex policy, announced last week by the Central Bank...
TEDPIX Trading Tops 134,000
Tehran Stock Exchange’s main index gained 2,818.97 points or 2...