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Iran Gov't to Divest Shares in 3 Insurance Firms

3 Insurance Firms’ Divestiture  3 Insurance Firms’ Divestiture

In line with the general policies of Article 44 of Iran’s Constitution—declared 11 years ago by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei—the remaining state shares in Alborz, Dana and Asia insurance firms are expected to be soon divested, announced the president of the Central Insurance of Iran announced.”

The newly-confirmed economy minister [Masoud Karbasian] is also willing to pursue this goal,” Abdolnasser Hemmati was also quoted as saying by RiskNews.

As for the process of CEO appointment for the firms, the official said the procedure would be like other private companies.

According to the Sixth Five-Year Development Plan (2017-22) and based on Article 44, in order to expand the activities of insurance industry and improve the business environment, state-owned shares in insurance companies, with the exception of the Central Insurance of Iran and Iran Insurance Company, should be divested.

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Financialtribune.com