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Iran: Regulator to ensure that online sales are above board

Source: Middle East Insurance Review | Sep 2017

Insurers and agents conducting online sales will be liable for problems caused by any illegal sale activity, said the head of Central Insurance of Iran (CII).
 
   The statement by CII President Abdolnasser Hemmati, posted on the insurance regulator’s website, was made after the recent growth in startups selling insurance policies online, which has raised concerns about the likelihood of fraudulent activities, reported Financial Tribune.
 
   Mr Hemmati had announced earlier that the CII would not ban the sale of insurance policies through the Internet, but such operations must be supervised by the regulator.
 
   The CII has developed a draft set of regulations regarding marketing and selling insurance policies both online and via mobile applications. Through the regulations, the CII aims to help reduce insurers’ expenses and provide buyers with easy access to insurance services.
 
   The Iranian Insurers Syndicate, which is reviewing the draft regulations, has voiced concern over the social impact of authorising online sales, especially the effect these could have on the traditional sales network of insurers.
 
   On their part, individual insurers have different approaches to digital sales and marketing.
 
   Mr Rasoul Tajdar, CEO of Alborz Insurance, expressed concerns over online sales, as they might result in a reduction of business for brokers and agents.
 
   Day Insurance, however, has shown interest in cooperating with online insurance startups. Mr Majid Bakhtiari, Day’s CEO, also believes that a strong infrastructure is required for IT to play a major role in the market.
 
   Iran Insurance, the only wholly state-owned insurer, has recently unveiled a range of electronic platforms to enhance its operations, including a platform for collecting auto insurance data, an electronic risk evaluation system, a core insurance platform, a new mobile application and a payment service for policyholders.
 
   The Economy Ministry has tasked Iran Insurance to promote the use of new technologies in the insurance market. M 
 
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