Economy, Business And Markets

Regulator Raps Insurers

Regulator Raps InsurersRegulator Raps Insurers

Bimeh Markazi (Central Insurance of Iran) has released a report criticizing some Iranian insurers for not filing data about their risky assets.  On Thursday, regulator Bimeh Markazi published the performance of insurers regarding their reporting of their financial data.The report shows five insurers have not filed their data with Bimeh Markazi. Insurer Bimeh Iran which is the largest insurer in the Middle East is among these companies.It is incumbent on insurers to send their financial data to the regulator who assesses the risk in each insurer’s portfolio. Those with too much risk on their portfolio have to offload some of their riskier assets. The data is sent via an electronic platform called “Sanhab” to the Central Insurance. The system was launched in the first half of 2014. Previously the data was sent physically by insurers.The Central Insurance of Iran was established in 1971 as the sole regulator of insurance companies.