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was liquidated in 1981. Throughout the liquidation period the management of the above companies was put in the hands of a replacement board of directors which was common to all the companies. Dana's portfolio was eventually taken over by two nationalized companies namely Asia Insurance and Alborze Insurance.
Clearing the accounts of these nationalized companies lasted from 1979 to 1986. In addition,these nationalized companies needed to be redefined from a legal view point. As a result, on 4th December 1988, in accordance to a statute concerning the management of insurance companies, nine insurance organizations, including Sharg Inssruance were merged into Dana Insurance Co.
The above statute also provided that in addition to clearing the accounts of the erged companies and settling their debts to the government and shareholders, Dana could also start its insurance operations as a specialist life assurance companyonly.
On 22nd March 1989 Dana began its operations as a completely nationalized company. A major task was the preparation of a memorandum and articles of association in addition to recruitment of qualified personnel, furthermore in-depth marketing was required to acquaint the company with the characteristics of the market.
By 1990, the above objectives were achieved, while at the same time the accounting department was busy meeting another challenge: that of clearing the accounts of the merged companies which at this point made up Dana Insurance Co. in addition to settling their debts to the government,shareholders and other creditors.
Since thorough auditing was to be done for 9 different companies for each of the years between 1979 and 1988 the process lasted until 1995.With the accounts of the nine merged companies cleared Dana was at this point ready to start making preparations to enter the market exclusively in life insurance lines. In addition to some private individuals, government corporations and institutes made up the bulk of Dana's customers. With an increase in the capabilities of the company and other reforms in technical and reinsurance areas the company extended its activities.Among the first major contracts that Dana entered into was a group health insurance policy for the employees of the Ministry of Finance and another with the National Pensioners Association. In 1994 Dana issued another major,group policy to cover the Ministry of Energy in life, heath and accident which has been renewed several times. Currently Dana provides life and health cover for 305 companies affiliated to the Ministry of Energy. This includes 600,000 employees and their family members.Up to the end of 1996 Dana faced severe problems as a result of not being able to compete in the property market.On 1st January 1996, as a result of continuous efforts statutory limitations which prevented Dana from accessing the property market were removed by Parliament and approved by the Guardian Council. Thanks to our dedicated personnel Dana has made considerable progress in a field in which it had not operated before. rt is worth mentioning that Dana still regards life and health insurance as its specialty with up to 4.5 million people under cover by the end of 1998. Dana has also prepared several major projects, such as health cover for military and civilian pensioners and the employees of the Ministry of education which is expected to double the company's portfolio to 540 billion Rials in 1999. Thus, one sixth of the Iranian Population will benefit from a Dana insurance policy. In addition to quantitative growth Dana Insurance Co. has also paid particular attention to improving the quality of its services. What determines our success is the provision of a wide variety of services at a high standard. In pursuing its goals Dana plans to focus Oh keeping up with the speed of change.
Tel : 8770971-80
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