ARTICLE 9. The
operation permit issued by Bimeh Markazi Iran for either all classes or
specific classes will be cancelled in the following instances:
A. At the request of the permit–holder.
B. In case,
the institution does not commence its operations in the Zone within one year
beginning from the date of the permit;
C. Bankruptcy
of the institution;
D. If, at
the discretion of Bimeh Markazi Iran supported by the High Council of
Insurance, the institution is not financially capable to fulfil its
commitments; or if the continuation of institution’s operation is to the
detriment of insureds, assureds or their beneficiaries;
E. On the
ground of other prescribed instances in these regulations.
ARTICLE 10. In case
the institution to which these regulations apply contravenes its Articles of
Association or the provisions of these regulations or, as announced by the
Authority, other regulations governing such institutions in the Zone, with the
suggestion of Bimeh Markazi Iran and the approval of the High Council of
Insurance, its operation in a class or specific classes or reinsurance will be
temporarily or permanently banned.
ARTICLE 11. Issuance and cancellation of the
operation permit for the institutions to which these regulations apply or
temporary suspension of their operation and the necessary information,
protecting the interests of the insureds, assureds, and their beneficiaries,
shall be announced twice with interval of one month by Bimeh Markazi Iran in Iran’s
official gazette and one of the mass-circulated newspapers in Tehran and the
Zone, at the expense of the institution.
ARTICLE 12. In case the operation permit of an
insurance institution is permanently cancelled in one or more insurance or
reinsurance classes, with suggestion of Bimeh Markazi Iran and the approval of
the High Council of Insurance arrangements will be made to protect the
interests of the assureds, insureds and their beneficiaries. These arrangements
might include the transfer of the portfolio of and all the records and
documents related to its rights and liabilities to another institution
authorized to operate in the Zone.