Regulatory Alerts2011-02-16
Added · Updated
Regulations on the Establishment and Operation of Insurance Companies
The Central Bank of Iran issues regulations establishing its authority to supervise and regulate insurance companies, brokers, and various specialized insurance-related firms. The document mandates that all such entities must obtain a license from the Central Bank of Iran to operate, with the Bank retaining the power to revoke licenses for violations. Key operational requirements include maintaining minimum paid-up capital and solvency margins, securing Central Bank approval for mergers, acquisitions, and the appointment of senior management, and submitting periodic financial reports. The regulations also outline procedures for the audit, liquidation, and investment of funds by these licensed entities.