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CI: Reforms Vital to Fortify Iran Insurers’ Resilience

Iran’s insurance regulation and supervision remain rather prescriptive and currently seems to be more focused on form over substance
The Central Insurance of Iran (Bimeh Markazi) is the industry’s main regulator. The Central Insurance of Iran (Bimeh Markazi) is the industry’s main regulator. 

In its latest report on Iran's insurance sector, Capital intelligence, the international ratings agency, said addressing the structural problems of Iran’s insurance market is vital for strengthening the resilience of domestic insurers.
CI Ratings has highlighted the need to consolidate Iran’s insurance market and move toward a more risk-based supervisory system.
"Iran’s insurance regulation and supervision remain rather prescriptive and currently seems to be more focused on form over substance," CI's key report notes. 
"For example, the tariffs are set by the regulator for about 70% of the sector’s premium volume, mainly for basic insurance products such as motor third-party liability." 

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