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 ...

On Sunday, the rial traded at 46,130 to the dollar, up 1.8%. 
With its foreign exchange package now in full swing, the...
Iran-Greece Trade Tops $1.5 Billion
Iran exported more than €1.26 billion worth of goods to Greece...
Telegram Raises $850m From Investors Before Planned ICO
The chat app company Telegram filed documents with the US...
Iran Decision on FATF Agenda
The Financial Action Task Force–the global anti-money...
Ban on Contraband Cellphones in Iran Reaches LG
Following the government’s belated policy of curbing cellphone...
Intel Hit With  32 Lawsuits
Intel has revealed that the company is facing at least 32...
Iran and Turkey finalized the $1.4 billion currency swap agreement.
Iran has signed memoranda of understanding and protocols...
Facebook has to delete all data it has gathered on Belgian citizens.
A Belgian court threatened Facebook (FB.O) on Friday with a...

Add new comment

Read our comment policy before posting your viewpoints