Economy, Business And Markets

Insurance Monopoly Revoked

Insurance Monopoly RevokedInsurance Monopoly Revoked

Lawmakers Tuesday revoked previous rules that required state organizations to buy their policies only from the Iran Insurance Company, the only state-owned insurer in the market, Fars News Agency reported. The Majlis move is in line with plans to increase the private sector’s share in the growing industry. Iran Insurance Company alone accounts for 45% of the insurance market, while the remaining is shared between 30 private firms.