OTHER REGULATIONS
ARTICLE 27. Insurance institutions and insurance
agents and brokers are liable to compensate for the losses caused to others due
to their or their employees’ fault or negligence in the course of carrying out
their duties. Any insurance institution that directly or through its agents
effects insurance in a class or classes for which it has no permit is obliged
to compensate for the damages sustained by others.
ARTICLE 28. The
authority will prevent unauthorised insurance and /or reinsurance operations,
subject of these regulations upon instruction of Bimeh Markazi Iran and, if
necessary, Bimeh Markazi Iran will take legal action, according to Article 21
of ” Criteria on Registration of Companies, and Industrial and Intellectual
Property Rights” in Free Trade –Industrial Zones of the Islamic Republic of
Iran-Decreed by the High Council of Free Trade Industrial Zones on April 23
1995 –and other relevant laws and regulations.
ARTICLE 29. Whenever the Head of the High Council of Insurance
arranges a Council Meeting to make decisions about the issues related to the
establishment or operation of the insurance institutions in the Free Zones, he
will g invite the Secretary of the High Council of Free Zones or his
representative to attend the meeting. The Secretary of the High council of Free
Zones or his representative will also have the right to vote at these meetings.
ARTICLE 30. The operation of the institutions to
which these regulations apply is subject only to the provisions of these
regulations and in cases not foreseen, regarding the administration of the
institution, would be subject to Commercial Law and the Law on Amending Part of
the Commercial Law.
ARTICLE 31. With
effect from the date of approval of these regulations all contradicting
regulations, in the Zone, are cancelled