An invitation to open up private insurance companies in iraq
AN INVITATION TO OPEN UP PRIVATE INSURANCE COMPANIES IN IRAQ
BAGHDAD - Mostafa Hashemi
A specialist in the field of insurance Saadoun said the problem: that limiting the insurance company with the specific harm 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 get a percentage of
He said the problem in an interview for »Sabah»: The role of private insurance companies currently number 29 of the company contributes to the process of economic development by employing their funds to provide protection for the public and private funds 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 private companies are 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 oil projects cover and all acts of foreign companies.
He called the problem of ministries, departments, provincial councils and local contracting companies and foreign application of Article 81 of the Third regulate insurance business Law 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 with 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 ability combined or in cooperation with public companies to provide the necessary insurance coverage for ensuring all projects as well as projects working in the oil field companies.
And 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 out of Iraq, especially the private insurance companies took a role in the Iraqi insurance market and provide quality service to the insured in order to achieve goals in the consolidation of the insurance culture and the dissemination of insurance and preventive awareness.
Experiences of countries
He pointed to the need for greater 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 the law is aimed amended to give 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 frame General plans for the state, noting that the officially approved private insurance companies when it exercised its general insurance to compete with insurance companies to provide the best insurance services to insured them.
He continued: After the fall of the dictatorial regime regulating insurance business No. 10 Law for the year 2005 was issued effective a promise from the date of 01.06.2005, 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 results of its business.
The problem at the end 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 the insurance industry in 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.