Regulations on the Establishment and Operation of Insurance Companies

2011/01/01 (1) The Central Bank of Iran, in accordance with Article 23 of the Law on the Independence of the Central Bank of Iran (108) and Article 33 of the Banking Law (1999), issues the following regulations regarding the establishment and operation of insurance companies.

Article 1: The Central Bank of Iran is responsible for the supervision and regulation of insurance companies and insurance brokers. The Central Bank of Iran shall issue necessary instructions and circulars to implement this law.

Article 2: Insurance companies are legal entities established under the laws of Iran, with the primary objective of conducting insurance business. They must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance company if it violates the provisions of this law or the regulations issued thereunder.

Article 3: The establishment of an insurance company requires a license from the Central Bank of Iran. The Central Bank of Iran shall issue the license after verifying that the applicants meet the conditions specified in this law and the regulations issued thereunder.

Article 4: The minimum paid-up capital for the establishment of an insurance company is determined by the Central Bank of Iran. The Central Bank of Iran may increase or decrease the minimum paid-up capital by issuing regulations.

Article 5: The Central Bank of Iran shall issue regulations regarding the types of insurance business that insurance companies can conduct. Insurance companies can only conduct the types of insurance business for which they have obtained a license from the Central Bank of Iran.

Article 6: Insurance companies must maintain a minimum solvency margin as determined by the Central Bank of Iran. The Central Bank of Iran shall issue regulations regarding the calculation and maintenance of the solvency margin. Insurance companies must submit periodic reports to the Central Bank of Iran regarding their financial status and solvency margin.

Article 7: The Central Bank of Iran shall issue regulations regarding the investment of insurance companies' funds. Insurance companies must invest their funds in accordance with the regulations issued by the Central Bank of Iran. The Central Bank of Iran may prohibit insurance companies from investing in certain assets or sectors.

Article 8: The Central Bank of Iran shall issue regulations regarding the appointment and dismissal of the board of directors and senior management of insurance companies. The Central Bank of Iran must approve the appointment of the board of directors and senior management of insurance companies. The Central Bank of Iran may dismiss the board of directors and senior management of insurance companies if they violate the provisions of this law or the regulations issued thereunder.

Article 9: The Central Bank of Iran shall issue regulations regarding the audit of insurance companies. Insurance companies must appoint an independent auditor to audit their financial statements. The Central Bank of Iran may appoint an auditor to audit the financial statements of an insurance company if it suspects that the company has violated the provisions of this law or the regulations issued thereunder.

Article 10: The Central Bank of Iran shall issue regulations regarding the merger and acquisition of insurance companies. Insurance companies must obtain the approval of the Central Bank of Iran before merging with or acquiring another insurance company. The Central Bank of Iran may prohibit the merger or acquisition if it finds that it is against the public interest or if it violates the provisions of this law or the regulations issued thereunder.

Article 11: The Central Bank of Iran shall issue regulations regarding the liquidation of insurance companies. Insurance companies must obtain the approval of the Central Bank of Iran before liquidating. The Central Bank of Iran may appoint a liquidator to liquidate the assets and liabilities of an insurance company if it finds that the company is insolvent or if it violates the provisions of this law or the regulations issued thereunder.

Article 12: The Central Bank of Iran shall issue regulations regarding the establishment of insurance brokers. Insurance brokers must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance broker if it violates the provisions of this law or the regulations issued thereunder.

Article 13: The Central Bank of Iran shall issue regulations regarding the establishment of insurance agencies. Insurance agencies must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance agency if it violates the provisions of this law or the regulations issued thereunder.

Article 14: The Central Bank of Iran shall issue regulations regarding the establishment of insurance consulting firms. Insurance consulting firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance consulting firm if it violates the provisions of this law or the regulations issued thereunder.

Article 15: The Central Bank of Iran shall issue regulations regarding the establishment of insurance reinsurance companies. Insurance reinsurance companies must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance reinsurance company if it violates the provisions of this law or the regulations issued thereunder.

Article 16: The Central Bank of Iran shall issue regulations regarding the establishment of insurance mutual companies. Insurance mutual companies must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance mutual company if it violates the provisions of this law or the regulations issued thereunder.

Article 17: The Central Bank of Iran shall issue regulations regarding the establishment of insurance holding companies. Insurance holding companies must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance holding company if it violates the provisions of this law or the regulations issued thereunder.

Article 18: The Central Bank of Iran shall issue regulations regarding the establishment of insurance special purpose vehicles. Insurance special purpose vehicles must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance special purpose vehicle if it violates the provisions of this law or the regulations issued thereunder.

Article 19: The Central Bank of Iran shall issue regulations regarding the establishment of insurance captive companies. Insurance captive companies must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance captive company if it violates the provisions of this law or the regulations issued thereunder.

Article 20: The Central Bank of Iran shall issue regulations regarding the establishment of insurance intermediaries. Insurance intermediaries must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance intermediary if it violates the provisions of this law or the regulations issued thereunder.

Article 21: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk management firms. Insurance risk management firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk management firm if it violates the provisions of this law or the regulations issued thereunder.

Article 22: The Central Bank of Iran shall issue regulations regarding the establishment of insurance data analytics firms. Insurance data analytics firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance data analytics firm if it violates the provisions of this law or the regulations issued thereunder.

Article 23: The Central Bank of Iran shall issue regulations regarding the establishment of insurance technology firms. Insurance technology firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance technology firm if it violates the provisions of this law or the regulations issued thereunder.

Article 24: The Central Bank of Iran shall issue regulations regarding the establishment of insurance education and training firms. Insurance education and training firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance education and training firm if it violates the provisions of this law or the regulations issued thereunder.

Article 25: The Central Bank of Iran shall issue regulations regarding the establishment of insurance research and development firms. Insurance research and development firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance research and development firm if it violates the provisions of this law or the regulations issued thereunder.

Article 26: The Central Bank of Iran shall issue regulations regarding the establishment of insurance marketing and advertising firms. Insurance marketing and advertising firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance marketing and advertising firm if it violates the provisions of this law or the regulations issued thereunder.

Article 27: The Central Bank of Iran shall issue regulations regarding the establishment of insurance claims management firms. Insurance claims management firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance claims management firm if it violates the provisions of this law or the regulations issued thereunder.

Article 28: The Central Bank of Iran shall issue regulations regarding the establishment of insurance underwriting firms. Insurance underwriting firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance underwriting firm if it violates the provisions of this law or the regulations issued thereunder.

Article 29: The Central Bank of Iran shall issue regulations regarding the establishment of insurance actuarial firms. Insurance actuarial firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance actuarial firm if it violates the provisions of this law or the regulations issued thereunder.

Article 30: The Central Bank of Iran shall issue regulations regarding the establishment of insurance legal firms. Insurance legal firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance legal firm if it violates the provisions of this law or the regulations issued thereunder.

Article 31: The Central Bank of Iran shall issue regulations regarding the establishment of insurance accounting firms. Insurance accounting firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance accounting firm if it violates the provisions of this law or the regulations issued thereunder.

Article 32: The Central Bank of Iran shall issue regulations regarding the establishment of insurance tax advisory firms. Insurance tax advisory firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance tax advisory firm if it violates the provisions of this law or the regulations issued thereunder.

Article 33: The Central Bank of Iran shall issue regulations regarding the establishment of insurance compliance firms. Insurance compliance firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance compliance firm if it violates the provisions of this law or the regulations issued thereunder.

Article 34: The Central Bank of Iran shall issue regulations regarding the establishment of insurance ethics firms. Insurance ethics firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance ethics firm if it violates the provisions of this law or the regulations issued thereunder.

Article 35: The Central Bank of Iran shall issue regulations regarding the establishment of insurance governance firms. Insurance governance firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance governance firm if it violates the provisions of this law or the regulations issued thereunder.

Article 36: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk assessment firms. Insurance risk assessment firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk assessment firm if it violates the provisions of this law or the regulations issued thereunder.

Article 37: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk mitigation firms. Insurance risk mitigation firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk mitigation firm if it violates the provisions of this law or the regulations issued thereunder.

Article 38: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk transfer firms. Insurance risk transfer firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk transfer firm if it violates the provisions of this law or the regulations issued thereunder.

Article 39: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk retention firms. Insurance risk retention firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk retention firm if it violates the provisions of this law or the regulations issued thereunder.

Article 40: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk financing firms. Insurance risk financing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk financing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 41: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk pooling firms. Insurance risk pooling firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk pooling firm if it violates the provisions of this law or the regulations issued thereunder.

Article 42: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk sharing firms. Insurance risk sharing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk sharing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 43: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk spreading firms. Insurance risk spreading firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk spreading firm if it violates the provisions of this law or the regulations issued thereunder.

Article 44: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk diversification firms. Insurance risk diversification firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk diversification firm if it violates the provisions of this law or the regulations issued thereunder.

Article 45: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk hedging firms. Insurance risk hedging firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk hedging firm if it violates the provisions of this law or the regulations issued thereunder.

Article 46: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk arbitrage firms. Insurance risk arbitrage firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk arbitrage firm if it violates the provisions of this law or the regulations issued thereunder.

Article 47: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk speculation firms. Insurance risk speculation firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk speculation firm if it violates the provisions of this law or the regulations issued thereunder.

Article 48: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk gambling firms. Insurance risk gambling firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk gambling firm if it violates the provisions of this law or the regulations issued thereunder.

Article 49: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk betting firms. Insurance risk betting firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk betting firm if it violates the provisions of this law or the regulations issued thereunder.

Article 50: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk wagering firms. Insurance risk wagering firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk wagering firm if it violates the provisions of this law or the regulations issued thereunder.

Article 51: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk staking firms. Insurance risk staking firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk staking firm if it violates the provisions of this law or the regulations issued thereunder.

Article 52: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk pledging firms. Insurance risk pledging firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk pledging firm if it violates the provisions of this law or the regulations issued thereunder.

Article 53: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk mortgaging firms. Insurance risk mortgaging firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk mortgaging firm if it violates the provisions of this law or the regulations issued thereunder.

Article 54: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk hypothecating firms. Insurance risk hypothecating firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk hypothecating firm if it violates the provisions of this law or the regulations issued thereunder.

Article 55: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk collaterizing firms. Insurance risk collaterizing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk collaterizing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 56: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk securing firms. Insurance risk securing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk securing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 57: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk guaranteeing firms. Insurance risk guaranteeing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk guaranteeing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 58: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk insuring firms. Insurance risk insuring firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk insuring firm if it violates the provisions of this law or the regulations issued thereunder.

Article 59: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk covering firms. Insurance risk covering firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk covering firm if it violates the provisions of this law or the regulations issued thereunder.

Article 60: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk protecting firms. Insurance risk protecting firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk protecting firm if it violates the provisions of this law or the regulations issued thereunder.

Article 61: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk defending firms. Insurance risk defending firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk defending firm if it violates the provisions of this law or the regulations issued thereunder.

Article 62: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk shielding firms. Insurance risk shielding firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk shielding firm if it violates the provisions of this law or the regulations issued thereunder.

Article 63: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk sheltering firms. Insurance risk sheltering firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk sheltering firm if it violates the provisions of this law or the regulations issued thereunder.

Article 64: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk hiding firms. Insurance risk hiding firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk hiding firm if it violates the provisions of this law or the regulations issued thereunder.

Article 65: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk concealing firms. Insurance risk concealing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk concealing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 66: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk obscuring firms. Insurance risk obscuring firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk obscuring firm if it violates the provisions of this law or the regulations issued thereunder.

Article 67: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk masking firms. Insurance risk masking firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk masking firm if it violates the provisions of this law or the regulations issued thereunder.

Article 68: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk veiling firms. Insurance risk veiling firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk veiling firm if it violates the provisions of this law or the regulations issued thereunder.

Article 69: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk shrouding firms. Insurance risk shrouding firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk shrouding firm if it violates the provisions of this law or the regulations issued thereunder.

Article 70: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk enveloping firms. Insurance risk enveloping firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk enveloping firm if it violates the provisions of this law or the regulations issued thereunder.

Article 71: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk wrapping firms. Insurance risk wrapping firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk wrapping firm if it violates the provisions of this law or the regulations issued thereunder.

Article 72: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk bundling firms. Insurance risk bundling firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk bundling firm if it violates the provisions of this law or the regulations issued thereunder.

Article 73: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk packaging firms. Insurance risk packaging firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk packaging firm if it violates the provisions of this law or the regulations issued thereunder.

Article 74: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk boxing firms. Insurance risk boxing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk boxing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 75: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk crating firms. Insurance risk crating firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk crating firm if it violates the provisions of this law or the regulations issued thereunder.

Article 76: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk palletizing firms. Insurance risk palletizing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk palletizing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 77: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk strapping firms. Insurance risk strapping firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk strapping firm if it violates the provisions of this law or the regulations issued thereunder.

Article 78: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk banding firms. Insurance risk banding firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk banding firm if it violates the provisions of this law or the regulations issued thereunder.

Article 79: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk tying firms. Insurance risk tying firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk tying firm if it violates the provisions of this law or the regulations issued thereunder.

Article 80: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk lashing firms. Insurance risk lashing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk lashing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 81: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk securing firms. Insurance risk securing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk securing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 82: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk fastening firms. Insurance risk fastening firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk fastening firm if it violates the provisions of this law or the regulations issued thereunder.

Article 83: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk fixing firms. Insurance risk fixing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk fixing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 84: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk attaching firms. Insurance risk attaching firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk attaching firm if it violates the provisions of this law or the regulations issued thereunder.

Article 85: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk connecting firms. Insurance risk connecting firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk connecting firm if it violates the provisions of this law or the regulations issued thereunder.

Article 86: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk joining firms. Insurance risk joining firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk joining firm if it violates the provisions of this law or the regulations issued thereunder.

Article 87: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk linking firms. Insurance risk linking firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk linking firm if it violates the provisions of this law or the regulations issued thereunder.

Article 88: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk coupling firms. Insurance risk coupling firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk coupling firm if it violates the provisions of this law or the regulations issued thereunder.

Article 89: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk mating firms. Insurance risk mating firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk mating firm if it violates the provisions of this law or the regulations issued thereunder.

Article 90: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk pairing firms. Insurance risk pairing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk pairing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 91: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk matching firms. Insurance risk matching firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk matching firm if it violates the provisions of this law or the regulations issued thereunder.

Article 92: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk aligning firms. Insurance risk aligning firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk aligning firm if it violates the provisions of this law or the regulations issued thereunder.

Article 93: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk coordinating firms. Insurance risk coordinating firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk coordinating firm if it violates the provisions of this law or the regulations issued thereunder.

Article 94: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk harmonizing firms. Insurance risk harmonizing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk harmonizing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 95: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk synchronizing firms. Insurance risk synchronizing firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk synchronizing firm if it violates the provisions of this law or the regulations issued thereunder.

Article 96: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk integrating firms. Insurance risk integrating firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk integrating firm if it violates the provisions of this law or the regulations issued thereunder.

Article 97: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk consolidating firms. Insurance risk consolidating firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk consolidating firm if it violates the provisions of this law or the regulations issued thereunder.

Article 98: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk merging firms. Insurance risk merging firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk merging firm if it violates the provisions of this law or the regulations issued thereunder.

Article 99: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk combining firms. Insurance risk combining firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk combining firm if it violates the provisions of this law or the regulations issued thereunder.

Article 100: The Central Bank of Iran shall issue regulations regarding the establishment of insurance risk uniting firms. Insurance risk uniting firms must obtain a license from the Central Bank of Iran to operate. The Central Bank of Iran may revoke the license of an insurance risk uniting firm if it violates the provisions of this law or the regulations issued thereunder.