58099
CII president Hemmati at a news conference in Tehran on Jan.23.
CII president Hemmati at a news conference in Tehran on Jan.23.

Hemmati Welcomes Life Insurance Expansion

Hemmati Welcomes Life Insurance Expansion

A number of domestic insurance firms have shown interest in spinning off their life insurance operations into separate entities, said Abdolnasser Hemmati, the president of Central Insurance of Iran.
“We have received proposals from some private companies interested in launching separate firms to specifically focus on the life insurance category. [The issue] is now on the agenda,” Risknews.ir quoted him as saying on Monday.
Hemmati added that launching spinoffs is one of the solutions for separating life insurance reserves from other categories.
CII, as the insurance industry’s regulator, requires insurers to separate life insurance reserves, mainly to stop them from using the resources to cover losses in other categories. 
The regulator is also planning to boost the share of life insurance in the insurers’ portfolio. Separating the reserves is of high importance for promoting the category, as insurers are expected to meet their long-term commitments.
Hemmati announced earlier that the regulator will issue no new license for general firms. 
Middle East Life Insurance, affiliated with Middle East Bank, is about to start operations, after receiving the license as the first specialized insurance firm in Iran. 
Life insurance currently accounts for 12% of insurers’ generated premiums.

 

Short URL : https://goo.gl/81Zz3u
  1. https://goo.gl/lIjV5o
  • https://goo.gl/GkP5rp
  • https://goo.gl/cSSCmr
  • https://goo.gl/QvST79
  • https://goo.gl/4gFUHP

You can also read ...

The number of new apartments built in 12 old districts of Tehran leaped by 56% compared with the corresponding period of last year.
Top construction companies in Iran are mostly known for...
Amid Tensions With America, Businesses Flock to Iran
Right now, the US is doing the rest of the world a big favor...
Iran’s Dairy Industry Booming, as Exports Expand
The Iranian dairy industry is beginning to expand, as dairy...
Butter Imports From 6 Countries
More than 13,900 tons of butter worth 2.13 trillion rials ($65...
Int’l Glass Expo Scheduled
The First International Exhibition of Glass and Related...
Bounced Checks Down 5.6%
Iranian banks returned 1.5 million checks worth 130.6 trillion...
Post Company Also Spots Profit in E-Market
The state-owned Iran Post Company is looking for a slice of...
A total of 26.6% of the households were without an employed member; 56.4% had one employed member; 14.2% had two employed members; and 2.8% had three or more jobholders.
The average Iranian household living in urban area spent more...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus