An invitation to open up to private insurance companies

5/23/2016 0:00

BAGHDAD - Mostafa Hashemi

said a specialist in the field of insurance Saadoun problem: that limiting insurance to the specific company detrimental to the interests of private insurance companies and keeps them away from exercising the legal right to the promotion of all types of insurance and the right to receive a percentage
of premiums. He said the problem in an interview for »Sabah»:

The the role of private insurance companies currently guestrooms 29 companies contribute to the process of economic development by employing their funds in providing protection for the money public, private and mixed sectors and various economic activities. He called for the need for openness of ministries and departments on private insurance companies and not limiting their dealings with government insurance companies, because companies private also found to provide insurance services in accordance with the principle of professional competition sincere between public companies and associate specific terms of exercising these companies active in the promotion of all types of insurance, including coverage of oil projects and all acts of foreign companies.

insurance type and demanded the problem of ministries, departments, provincial councils and local construction companies and foreign application of Article 81 III of the law regulating the insurance business No. 10 of 2005 which refers to the right of the insured to choose the type of insurance or the insurance company.

he assured that all private insurance companies have increased their capital following the instructions of the Office of the Ministry of Finance insurance. he pointed out the problem to the private insurance companies enjoying good financial sheets as well as it has national good coordinating relations with the three government insurance companies «insurance, Iraqi insurance, Inc.

Iraqi reinsurance» Maimknha from entering the market effectively and the makings to be a contender efficient, explaining that this will provide a combined capacity or in collaboration with public companies to provide the necessary for ensuring all projects of insurance coverage as well as projects working in the oil field companies. among the importance of the distribution of accrued resources of premiums collected for the development of the Governor of private insurance companies to develop their potential in the coverage of large and medium risks individually or collectively in order not to premiums leak outside Iraq, especially that private insurance companies took a role in the Iraqi insurance market and provide quality service to the insured in order to achieve its goals in the consolidation of the insurance culture and the dissemination of insurance and preventive awareness.

experiences of countries and pointed to the need for increased coordination and cooperation with state - owned companies and unify their positions according to the technical underpinnings approved and benefit from the experiences of oil - producing countries in the ways of securing its fleet and assets, products and soft oils, refineries and units of refining and pipelines, machinery , and all other equipment. According to the problem that in 1997 the companies Act No. 21 was issued in order to organize the work of companies and to protect creditors from fraud, and to protect shareholders from conflicts of interest, as amended to the law aims granting mixed and private sectors , the best opportunity to play a more active role in the development and the development of economic activity process within the general framework of the plans for the state, noting that the formal private insurance companies approved exercised when this activity insurance to compete with public insurance companies to provide the best insurance services for the insured to them.

He continued: after the fall dictatorial regime passed the law regulating the insurance business No. 10 of 2005 promised to take effect from the date of 06.01.2005, another novelty Act did not last due to the presence indicators negative and disadvantages formed disabled obvious detriment of the interests of the public and private insurers and adversely affect the financial results.

the problem at the conclusion of his speech that all private insurance companies willing to provide the best insurance services for all types of insurance and the keenness to fulfill its obligations to the insured them and to facilitate the settlement of the compensation process and the flexibility to be completed according to the technical underpinnings adopted taking into account the cancellation of the routine steps.

the aim of all public and private insurers to develop insurance industry Iraq and find a market open, transparent and financially to ensure the security of persons and property production and service projects and protects against the risks , including the national economy through cooperation and partnership.