Wake-Up Call for Insurers

The Central Insurance company of Iran, the supervisory and regulatory body of insurance industry, has notified insurance companies to improve their performance and take action against agents violating online sales and marketing regulations.
"Insurance companies are required to curb violation of rules on collaborating with insurance startups…a number of agents have reportedly shared access credentials [of corresponding sales and supervision platforms] with online insurance startups," reads a letter from Mehrdad Rezaei, head of the CII office for supervision, Risknews reported.
Insurance agents and online startups are among key issues of the industry in recent years. The regulator recently announced two pieces of regulations that prompted agents and startups to adopt a new technique to sustain close and mutual ties: requiring insurance startups to obtain an official license if they want to sell insurance polies, and obliging insurance companies to digitize third-party auto insurance policies.