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First Specialized Life Insurance Co. Founded
Economy, Business And Markets

First Specialized Life Insurance Co. Founded

The Middle East Life Insurance company has been officially established after Central Insurance company of Iran approved the board members of the firm on Monday. Middle East Life Insurance, affiliated to the Middle East Bank, is the first specialized firm in Iran with an initial capital of 1.2 trillion rials ($37.9 million), the bank’s website reported. The insurer aims to “promote life insurance among the public through offering innovative and attractive insurance products.” The CII recently announced that it will no longer issue any permits for the establishment of new general insurance companies, saving them for specialized companies. As per law, appointment to, or changes in, insurance company’s board members must be approved by the CII. Life insurance accounted for 14.8% of industry’s premiums generated during the first quarter of the current fiscal year that started in March.

 

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