?How to invest in the insurance industry in Iran
Central Insurance of Iran in the implementation of insurance transactions increased Brjam along with international insurers, to guide the activities of international investors in the insurance market in the form of questions and answers related to that country.
۱٫ Whether Iran plans to open its insurance sector to foreign investors, and the maximum percentage of ownership in the Mainland (Iran) what is the amount?
Call-a) based on the document’s strategic objectives Islamic Republic of Iran Central Insurance “attracted the presence of foreign persons in the country’s insurance market” and “promote cooperation with foreign insurance companies” is Rhbrdy purpose.
B) According to Article 113 of the Fifth Development Plan Kshvrmsvb 1389, foreign investors can be in compliance with the general policies of Article 44 of the Constitution of the Islamic Republic of Iran and the regulations related to the insurance sector come in the following ways:
۱٫ The participation of foreign insurance companies with domestic commercial insurance companies, giving priority to the private sector to create commercial joint insurance company in Iran.
۲٫ attracting foreign investment by domestic insurance companies (including shares to foreign parties).
۳٫ The establishment and operation of branches and agencies of foreign trade insurance companies.
C) In accordance with Article 35 of the law establishing the Central Insurance of Iran and Insurance Act 1350/3/30, shares the natural or legal persons nationals of non-governmental organizations outside Iran Insurance to twenty percent with the approval of the Central Insurance of IR Iran is allowed and more of it (49%) upon the recommendation of the Central Insurance of IR Iran’s Supreme Council and approved by the Cabinet will be insured.
Note that the transfer of shares under Iranian insurance institutions to foreign governments or transmit more than 49 percent of their shares to foreign real or legal persons is strictly forbidden.
۲٫ Are foreign insurers authorized to operate in the mainland’s license? What are the possible options for entry and participation (eg in the undeveloped insurance, joint ventures, etc.).
Answer: a) in accordance with Article 45 of the law establishing the Central Insurance of Iran and underwriting foreign insurers observing rules and having the necessary conditions obtain permits to operate in mainland china. Requirements relating to the activities of foreign insurance institutions in the country, in the fourth quarter of the second part of the above mentioned law. In addition, under Article 50 of this law, foreign insurance companies in addition to the established regulations of the Central Insurance of Iran and its underwriting rules of procedure, subject to the general rules relating to foreign companies and institutions as well.
B) in accordance with relevant laws and regulations, foreign insurers are possible options for participation are as follows:
۱٫ participation of domestic commercial insurance companies, giving priority to the private sector to create commercial joint insurance company in Iran.
۲٫ The establishment and operation of branches and representatives.
۳٫ The establishment of the Liaison Office activities.
۳٫ Mainland insurance licensing process for foreign insurers is? (Reference relevant information and documents, etc.)
A: According to the provisions of Article 45 of the Law establishing the Central Insurance of Iran, and insurance underwriting and regulations to register a branch or agency of a foreign insurance company approved by the 1376/8/21 and the implementing regulations of the Act of 11.01.1378, foreign insurers applying for insurance Mjvzfalyt Central Insurance of Iran Islamic Republic in Iran should submit to their demands. The activities of foreign insurance companies is subject to the confirmation of the Supreme Council of the Central Insurance Company offer insurance for Cabinet approval and registration of the branch or representative.
According to the law allowing foreign branch or agency of this Act and regulations adopted on 21.08.1376 01.11.1378, foreign companies in the country of their registration, known law firm, subject to reciprocity in country of origin, can be used for insurance activity in Iran to register the branch or representative action.
According to Article 2 of the Executive Regulations to register a branch or representatives of foreign companies, “foreign subsidiary”, the local unit of the company that is directly at issue and the main tasks of the company, does. Branch activities at the site, under the name and Corporate Responsibility will be key. According to Article 4 of the implementing regulations of these, “representatives of foreign companies,” natural or legal person on the basis of agency contract, did part of the duties of the company and the agency has taken place. Representing foreign companies, to activities carried out by the agency at the agency, will be responsible.
Foreign companies applying for registration of the branch in Iran following information and documents required to accompany your written request to the Office for Registration of
Companies and Industrial Ownership provide:
۱٫ The articles of association of the company, establishment notice and the last changes registered by the relevant authorities.
۲٫ Approved the financial report of the company.
۳٫ Feasibility Report containing information about the activities of the company and explaining the reasons and the need to register a branch in Iran, to determine the nature and extent of powers and the activity of the branch, Iranian and foreign estimates of human resources needed, and funding for the administration of foreign exchange funds Branch.
Persons applying for registration are required to represent foreign companies in Iran, Persian translations and original documents and the following information along with your written request to the Office for Registration of Companies and Industrial Ownership provide:
۱٫ A certified copy of the representation contract.
۲٫ The applicant’s identification documents.
۳٫ Presentation of the background of the person applying for registration of representation provided for in the contract representing Amrpysh field.
۴٫ The statutes of the foreign company, establishment notice and the last changes registered with the competent authorities.
۵٫ Report on the activities of foreign companies to represent and explain the reasons for the need to obtain representation.
۶٫ financial report approved by the company’s principal foreign
۷٫ Introduction of the organization concerned (Central Insurance)
۴٫ Does a mixed insurance companies, is it possible?
Re-insurance under the laws and regulations of the Islamic Republic of Iran, including a form of punishment for the establishment and operation of insurance institutions in Iran, mixed insurance companies (life and non-life), and currently there is no restriction for the establishment of these insurance companies.
۵٫ Now what foreign insurers are present in Iran and their participation in areas where it is (free region and the mainland).
A: We have three foreign insurance company has established Liaison Office in Iran are as follows:
۱- Kay International Plc broker insurance company Lloyds of London – the first record: London
۲- Sos Evasan -Local initial registration: Switzerland
۳- Nasco Karaoglan Brokers – Early registration: Lebanon
۶٫ Whether foreign companies can companies in the mainland, with the stock, whether authorized legal ownership share of 20% is exceeded? Any limitation of 20% compared to
The final shareholder apply?
The final shareholder apply?
C) under the laws and regulations related insurance, insurance institutions in Iran’s possession of shares directly or indirectly to any person (natural or legal) are dealt with in a way that any person directly or indirectly not more than twenty percent stake in the ownership of insurance companies.
۷٫ Minimum deposit foreign insurance institutions Hrrshth What is insurance?
Paskh- pursuant to Article 46 of the Law establishing the Central Insurance of Iran and insurance byelaw “Vday foreign insurance institutions”, foreign insurance companies a fee for each field of life insurance and other types of insurance to the Central Insurance of Iran deposited GF the. The amount of the bond in each of the two cases mentioned, at least five hundred thousand dollars or its equivalent in the currencies accepted by the Central Bank IR Iran. In addition, each of the foreign insurance institutions must deposit their earnings year after year Mzbvrazafh until at least twice the amount approved bond in each case to reach the Supreme Council of Insurance. Increased margin in excess of this amount is optional. It should be noted that at least the planned amount of deposit insurance law adopted by the Supreme Council (Pansdhzardlar) is.
۸٫ The minimum capital for life insurance and how much responsibility?
Re-approved according to the latest Council of Ministers (05.01.1391), the minimum capital for the establishment and licensing of insurance institutions directly under the insurance field is as follows:
۱٫ insurance: 000 000 000 600 in 1 Rial
۲٫ personal insurance (life, accident Mstmry- Shkhsy- treatment): 000 000 000 500 in 1 Rial
۳٫ Liability Insurance: 000 000 000 400 in 1 Rial
۴٫ The third party insurance of vehicle, housing, driver accidents: 000 000 000 300 in 1 Rial
۵٫ life insurance Vghyrzndgy: 000 000 000 200 in 1 Rial
۶٫ Mixed insurance (all disciplines): 000 000 000 500 in 2 Rials
۹٫ If the (established) mixed insurance company is permitted, the minimum requirements for what is it?
Customer Paskh- insurance institutions in the Mainland and Free Zone established in accordance with the provisions of the Central Insurance of Iran and insurance underwriting Act 1350/3/30, the criteria established by the private insurance companies established 11.01.1380 High Council of Insurance regulations and activities in the areas of insurance institutions Free Trade-Industrial Islamic Republic Act 1379 / 6/2 Council of Ministers, through the website of the Central Insurance of Iran to address http://www.centinsur.ir is available.
۱۰٫ Do reinsurance contracts with foreign insurance companies licensed by the Iranian insurance institutions and any restrictions to transfer to the outside or inside Iran is Iran?
Call-a) reinsurance contracts with reinsurers / reinsurance brokers abroad to transfer part of the risks or contracts Direct insurance companies are active in Iran, in compliance with the provisions of Article 73 of the law establishing the Central Insurance of Iran and underwriting and regulations The Supreme Council approved insurance.
۱۱٫ Iran is a state insurance company reinsurance with a minimum amount of mandatory assignment there?
Yes, under Article 71 of the Re-establishment of the Central Insurance of Iran and underwriting and final regulations, all insurance companies in Iran must be 25% in life insurance and 15 percent in other fields of trading your insurance directly to the Central Insurance of the Islamic Republic of Iran reinsurance.
Is it possible to send hard currency in Iran (for example, stocks, investments, etc.) and Mtbraz Currency of Iran (eg dividends) are there?
Re-any foreign exchange in Iran, Islamic Republic of Iran’s central bank foreign exchange regulations
۱۲٫ Bank-insurance is insurance companies can have all kinds of agreements?
Re-insurance companies within the framework of regulations and agreements between the Bank and may work in various fields, including insurance and investment services to their subscribers.
۱۳٫ What solvency requirements?
Call-control solvency requirements for insurance companies in accordance with regulations “how to calculate and monitor the solvency of insurance companies” is approved by the High Council of Insurance.
۱۴٫ Regulatory changes (laws) are created in the future (eg on capital requirements, solvency, licensing process, etc.)?
Paskh- in order to adapt to the needs of the day, as well as strengthening the supervisory role Nhadnazr regulations, insurance regulations in accordance with international standards is constantly under review.
۱۵٫ Are there fields in Iran compulsory insurance (health, transport, fire)?
Re-insurance is the only field that purchase by individuals and by institutions offering insurance is compulsory under the laws of, the field of compulsory insurance of civil liability of vehicle owners to third parties. In addition to the rules and regulations buy some insurance coverage for foreign nationals Nyzmannd Vhvads treatment is mandatory.
Call-a) As previously mentioned, in accordance with Article 35 of the law establishing the Central Insurance of Iran and underwriting, stock acquisition possibility for natural or legal persons are foreign nationals. Accordingly, these individuals are allowed to stock up to twenty percent non-governmental organizations with the approval of the Central Insurance of Iran Insurance IR Iran in their possession.
B) ownership of more than 20 percent to 49 percent based on the substance of the recommendations of the Central Insurance of IR Iran Insurance Supreme Council and approved by the Cabinet and by virtue of the provisions of this Article, the Iranian insurance companies to foreign governments or transfer shares more than 49 percent of their shares to foreign real or legal persons is strictly forbidden.