Rules for Coop. With Foreign Travel Assistance Firms

The Central Insurance of Iran, the insurance industry’s regulator, has defined new rules over Iranian insurance firms’ cooperation with foreign assistance companies that provide services to Iranian travelers overseas. Insurers’ contracts with these companies should not be based on premiums, CII’s website announced on Saturday. Insurers are also required to confirm the foreign company has a wide network of branches to provide services to travelers. They also need to come up with a proper mechanism for transferring foreign exchange. Iranian insurance regulations do not recognize assistance companies as insurance firms, requiring them to transfer their insurable risks to insurance companies. However, some insurers are licensed to offer assistance services to their customers.