Insurance Regulator Says to Pull Out From Reinsurance Market

The Central Insurance company of Iran, the regulator of the sector, is planning to put an end to its supremacy over the reinsurance market by increasing the number of players,  head of the company said. 
"The CII accounts for about 90% of reinsurance operations in Iran…Before the imposition of [US] sanctions the risk was transferred to foreign reinsurers…We are planning to end CII’s role in the reinsurance sector as soon as possible," Majid Behzadpour told IRNA.
Iran’s insurance companies cover an estimated $500 billion worth of risks largely through local firms, including reinsurance companies, insurance firms and the CII.