Economy, Business And Markets

Transparency Guidelines for Insurance Firms

Transparency Guidelines for Insurance Firms Transparency Guidelines for Insurance Firms

The Central Insurance of Iran has called on insurance companies to provide the latest data about the performance of their agents on their websites, in line with plans to enhance transparency in the insurance industry.

Based on CII’s guidelines sent to insurance firms on Saturday, insurers’ websites are expected to display information, including basic data about the company’s location, statute, shareholders, management structure, goals and its policy for compensating the board members, reported.

Visitors should also have easy access to insurance firms’ performance in various categories, including the status of their innovative coverage, premium rates, total number of employees and their work resume, as well as the locality of the branches, agents and loss assessment centers.

The new measures also require insurers to provide the public with info about the process of risk management in their companies.

Insurance companies should also publicize their capital adequacy ratio, their loss ratio and the amount of reserves, loss reserve, total assets and profits.

A total of 32,245 insurance agents are active in the country. Iran Insurance Company, as the only state-owned insurer, has 8,550 agents, of whom 1,187 hold two jobs. Insurance agents are legally prohibited from holding two jobs.

Asia Insurance Company with 2,636 agents, Pasargad Insurance, a subsidiary of Bank Pasargad, with 2,168 agents, Alborz Insurance with 1,854 agents, Bank Parsian’s affiliate, Parsian Insurance, with 1,990 agents and Dana Insurance with 1,810 agents are the largest private players in the fast growing insurance industry.