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Push for Specialized Life Insurance Companies

Push for Specialized Life Insurance CompaniesPush for Specialized Life Insurance Companies

In line with the goals devised in the Sixth Five-Year Development Plan (2017-22) to expand the share of life insurance in the industry’s portfolio, the High Council of Insurance has amended regulations, allowing general insurance companies to establish specialized life insurance firms. “However, from the time the license of operations for the new specialized institution is issued, the applicant company will not be able to continue work as a general insurance company [and would be treated as a specialized firm],” warned Abdolnasser Hemmati, the head of the Central Insurance of Iran and the High Council of Insurance as reported by the official news website of the CII. If insurers do not wish to become specialized in life insurance, he added, they will have to separate their life and non-life businesses and draft their balance sheets accordingly.

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