Receive claims from insurers in the form of shares

Receiving claims from insurers in the form of shares is not a regulatory problem

Receiving claims from insurers in the form of shares is not a regulatory problem

Some experts and managers of the insurance industry have reacted to the central insurance notification regarding the non-approval of the clearing of claims with shares.

According to Risk News, the Central Insurance Company has sent a letter to the insurance companies, emphasizing that in order to receive the claims arising from the insurance premiums related to the issued insurance policies, especially zero-kilometer cars, some of the claims have been cleared in the form of In this regard, this issue is not approved by the Central Insurance in any way.

The communiqué, signed by the Director General of Financial Supervision of Central Insurance, states that insurance companies, except for insurance risks, are not allowed to accept risks related to the insurer’s property and shares, including liquidity risks and asset market risk. It is a debt that the insurer can directly sell its assets and deposit the relevant funds in the insurer’s account.

In this communiqué, the Central Insurance has emphasized that it is necessary to take measures so that in all contracts and insurance policies issued and the receipt of insurance premiums is done in cash and the clearing of claims with the property and assets of the insured is avoided.

In this regard, some experts and managers of the insurance industry have reacted to this announcement.

Gholam Ali Sabat, a member of the Supreme Insurance Council, says:

Although the opinion of Central Insurance can be correct as a recommendation, but as the letter shows, because it has no legal citation or regulations, the words “not approved by Central Insurance” and “necessary” are sufficient and do not specify that this behavior of insurance companies It is a violation. From years ago and one or two years ago, the claims of some insurance companies in the form of cars, property, bonds and stocks were received and were not considered violations.

Masoud Hajjarian, CEO of the Professional Association, says:

The issuance of this letter is not a correct and compliant action. Central Insurance should not restrict the authorized activities of insurance companies.

Financial supervision is the most important task of central insurance, which should be done through the application of prudential reserves and control of the financial wealth, not restricting the business activities of companies.

This post is also available in: Persian

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