Insurance

Establishment and activity of Iranian insurance institutions with domestic and foreign capital investment, the branches and representative as well as insurance agency representative in free trade industrial Zones of the Islamic Republic of Iran is permitted and shall be only subject to the regulations proposed by the Bimeh Markazi Iran and approval of the board of ministers.

Each company or institute register in free trade/industrial Zones, whose principal center is in the same Zone, shall be deemed as Iranian, and registered in the Zone.

Insurance and reinsurance operations in the Free Zones shall take place through institutions that, based on proposal of the authority and under the provisions of the regulations, obtain permission from Bimeh Markazi Iran and are registered in one of the following forms:

1.Iranian joint-stock or cooperative insurance companies with real and/or legal Iranian and/or foreign shareholders with registered shares.

2.Insurance agency and/or broking institutions

Institutions authorized to operate in the Zone, within the framework of these regulations, are not permitted to provide insurance for persons residing and subject and matters located in other parts of country and transport insurance for goods imported to other parts of the country, the purchase of contract which is concluded or is its letter of credit is opened in Iran. Reinsurance transactions are excluded from this issue. Issuance of policies, by the insurance institutions of the Free Zones, for those subjects and matters the coverage of which is not offered by Iranian insurance institutions operating in other parts of the country is an exception to the above issue. The list of such subjects and matters permitted to be insured by the insurance institutions shall be prepared and communicated to the authorities within three months from the date of the approval of these regulations, at the latest.

The minimum capital required for insurance institutions, insurance agencies and insurance brokers are as follows:

A) Direct insurance institution are to be established with a minimum capital of Rails fifteen billion(15,000,000,000) equivalent to US $ 1,875.000 at least fifty percent (%50) of which must be paid initially.

B) Mutual insurance institution are to be established with a minimum capital of Rials two hundred million (200,000,000) equivalent to U.S.$. 25,000 at least fifty percent (%50) of which must be paid initially.

C) Reinsurance institutions are to be established with a minimum capital of Rials eighty-five billion (85,000,000,000) equivalent to U.S.$. 10,625,000 at least fifty percent (%50) of which must be paid initially.

D) Insurance agencies and/or broking institutions are to be established with a minimum capital of Rials three hundred million(300,000,000)equivalent to U.S.$. 37,500 at least fifty percent (%50) of which must be paid initially.

Registration and activity permits

Registration of institutes in Kish Free Zone is subject to presentation of registration permit issued by Central Insurance of Iran.

Registration of any further changes to the Articles of Association, investment capital and shares of the registered institutes are subject to approval of Central Insurance of Iran.

The necessary documents to obtain registration permit, to be delivered to Central Insurance of Iran:

1- The Articles of Association

2- The amount of capital, receipt or guarantee of payment

3- Cash and non-cash shares and their payment manners

4- List of the names of all shareholders, inspectors, directors and managers along with their nationalities and the number of their shares.

5-Other documents and information which justify financial and technical qualifications of the institute and the good name of directors/managers.

6- Completed relevant application form.

Insurance Companies

No.1
Company Name: Hafez Insurance Company
Activity: Insurance Services
Tel: 4423803
Fax: 4424515
Address:

No.2
Company Name: Iran Insurance Company
Activity: Insurance Services
Tel: 4422997,4422397
Fax: 4422996
Address: Opposite Bank Melli Central Branch , Sanaei Street

No.3
Company Name: Velayat Kish Co.
Unit No: 93
Activity: Insurance Services
Tel: 09121393010, 0934769 1228
Fax: 4430820
Address: Kish Trade Center , 1st Floor