ARTICLE 2. Insurance and reinsurance operations in Free Zones shall take place
through institutions that, based on the proposal of the Authority and under the
provisions of these 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 institution;
Note 1. Subject to provisions of
these regulations and registration in the Zone, insurance institutions are
permitted to establish branches.
Note 2. Subject to rules to be approved by the High Council of
Insurance, granting insurance agency to real persons is permitted.
Note 3. Operation of branches and
agencies of insurance institutions, operating in other parts of the
country, is allowed in each Free Zone, under the provisions of the
Establishment Act of Bimeh Markazi Iran and Insurance Operations, within the
framework of these regulations and other rules governing the said institutions.
ARTICLE 3. Institutions authorised to operate in
the Zone, within the framework of these regulations, are not permitted to
provide insurance for persons residing and risks (subject and matters)located in other parts of the
country and transport insurance for goods imported to other parts of the
country, the purchase contract of which is concluded or its letter of credit is
opened in Iran. Reinsurance transactions are excluded from this Article.
Note 1. Institutions authorized
to exclusively operate direct insurance in the Zone are not permitted to accept
reinsurance from insurance institutions operating in other parts of the
country.
Note 2. Insurance institutions
are entitled to insure properties and liabilities (except that of life
insurance) of the Special Economic Zones within the provision of these
regulations and in compliance with relevant rules and regulations.
Note 3. Issuance of insurance
policies by the insurance institutions of the Free Zones for those risks the
coverage of which is not offered by Iranian insurance institutions operating in
other parts of the country is an exception to this Article. The list of such
risks(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.
ARTICLE 4. Minimum capital for insurance
institutions, insurance agencies and insurance brokers are as follows:
1. Direct
insurance institutions are to be established with a minimum capital of Rials
fifteen billion (15,000,000,000), at least fifty percent (50%) of which must be
paid initially;
2. Mutual
insurance institutions are to be established with a minimum capital of Rials
two hundred million (200,000,000) at least fifty percent (50%) of which must be
paid initially;
3. Reinsurance institutions are to be
established with a minimum capital of Rials eighty - five billion
(85,000,000,000) at least fifty percent (50%) of which must be paid initially;
4. Insurance
agencies and / or broking institutions are to be established with a
minimum capital of Rials three hundred million (300,000,000) at least fifty
percent (50%) of which must be paid initially.
Note 1. The amounts
indicated in this Article may be adjusted every
two years subject to joint proposal of
the Secretariat of the High Council of Free Zones and Bimeh Markazi
Iran and its approval by the
Council of Ministers;
Note 2. Foreign shareholders of
the institutions to which these regulations apply must pay their Rial shares in
the foreign currencies acceptable to the Central Bank of Iran and/or must
produce a foreign currency conversion certificate.
Note 3. The capital funds,
subject of this article, must be deposited in one of the banks certified by the
Central Bank of the Islamic Republic of Iran and preferably in the banks, which
hold branches in the Free Zones.