Governance, Risk and Compliance - The Iranian Insurance Industry
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Governance, Risk and Compliance - The Iranian Insurance Industry
Governance, Risk and Compliance - The Iranian Insurance Industry report is the result of extensive research into the insurance regulatory framework in the Iran.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
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 report also includes the Scope of non-admitted insurance in the country.
Key Highlights
- 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.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Iran, including -
- An overview of the insurance regulatory framework in the Iran.
- The latest key changes, and changes expected in the countrys insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the Scope of non-admitted insurance in the Iran.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Scope
- The report covers details of the insurance regulatory framework in the Iran.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in the Iran.
- Track the latest regulatory changes, and expected changes impacting the Iran insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Governance, Risk and Compliance - The Iranian Insurance Industry report is the result of extensive research into the insurance regulatory framework in the Iran.
It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
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 report also includes the Scope of non-admitted insurance in the country.
Key Highlights
- 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.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Iran, including -
- An overview of the insurance regulatory framework in the Iran.
- The latest key changes, and changes expected in the countrys insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the Scope of non-admitted insurance in the Iran.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Scope
- The report covers details of the insurance regulatory framework in the Iran.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the countrys insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to buy
- Gain insights into the insurance regulatory framework in the Iran.
- Track the latest regulatory changes, and expected changes impacting the Iran insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
TABLE OF CONTENTS
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK and COMPLIANE
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
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalDatas Services
3.5 Disclaimer
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