Iran Insurance Industry Governance, Risk and Compliance Report 2019 - ResearchAndMarkets.com

DUBLIN--()--The "Governance, Risk and Compliance - The Iranian Insurance Industry" report has been added to ResearchAndMarkets.com's offering.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country.

The Iranian insurance industry is regulated and supervised by the Bimeh Markazi Iran (Central Insurance of Iran - CII). The CII has been regulating the Iranian insurance industry since 1971. It ensures stability and the efficient functioning of insurance services. The CII's obligations and rights are stipulated in the Establishment Law 1971. The CII is headquartered in Tehran and comprises the General Assembly, High Council of Insurance, management board, and inspectors.

The primary act which governs insurance activities in Iran is Insurance Act 1937, which was enacted in March 1937. The act was introduced to regulate insurance and insurance mediation activity in order to make Iranian insurance operations credible, efficient, safe and stable. The act comprises the definitions, licensing process, capital requirements, policy terms, and penalties for the offenders of the provisions.

Key Findings

  • The Iranian insurance industry is regulated by the Central Insurance of Iran
  • The government of Iran allows 20% foreign direct investments in the insurance industry with prior approval from the CII, which can be increased to 49% provided prior approval is obtained from the High Council of Insurance and the Board of Ministers
  • Composite insurance is permitted in Iran
  • Non-admitted insurance is not permitted
  • Motor third-party liability insurance is compulsory in Iran

Key Topics Covered:

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK and COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Liability insurance for ships with respect to oil pollution

2.4.3 Social security insurance

2.4.4 Health insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Central Insurance of Iran

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution (ADR)

3 APPENDIX

For more information about this report visit https://www.researchandmarkets.com/r/rwm78a

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900