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Insurance Firms Told to Respect Rules

Insurance Firms Told to Respect Rules Insurance Firms Told to Respect Rules

A lawmaker believes that lack of proper supervision by the Central Insurance company of Iran, the industry’s watchdog, is the root of problems insurers are facing.

“However, insurance companies can resolve most of the problems if they started respecting the rules and regulations,” aiin.ir quoted Mohammad Reza Pourebrahimi as saying on Monday.

“We should accept that the industry has its own regulations which must be upheld, though there are some deficiencies which have to be removed,” he added.

Pointing to the insurers’ objections on new value-added tax on premiums, the lawmaker said parliament is ready to take up the issue.

He said the previous parliament had prepared a report into the fraudulent activities of some insurance firms. “It is now with the presiding board and will be reviewed in an open session.”

A special insurance investigation committee of the Majlis had been tasked to look into the insurance companies’ balance sheets of the last six years.

Financialtribune.com