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6/22/2017
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High Council of Insurance
One of the constituent organs of Bimeh Markazi is the High Council of Insurance (HCI), with the prerogative to approve decrees and by-laws. The Council is comprised of President of Bimeh Markazi as its Head, Vice Ministers of “Economic Affairs and Finance”, “Cooperatives, Labor and Social Welfare”, “Industry, Mine, and Trade”, and “Agriculture”, together with five authorities and senior experts from the Iranian insurance market. Duties of the High Council of Insurance are as follows;
1.     To consider and comment on the issuance of establishment, permission or cancellation of such permission of insurance organizations in accordance with the provisions of this law, and to make due recommendations to the General Assembly
2.     To approve form of the balance sheet to be used by insurance organizations
3.     To specify various types of insurance transactions, and general conditions to be included in insurance policies, and to supervise reinsurance operations        
4.     To determine the rate of commission and insurance premium relating to various types of direct insurance operations
5.     To approve necessary by-laws governing work in the field of providing guidance on insurance operations and activities of insurance companies
6.     To consider and to comment on the report from Bimeh Markazi Iran (Central Insurance of I.R. Iran) regarding the operations and activities of insurance organizations in Iran, that shall be submitted at least once every six months
7.     To comment on any proposals submitted by the Head of the High Council of Insurance
8.     To perform other duties as determined for it by this law

 

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