Iraqi insurance: integration with the national face of legal and administrative measures




Views 26 Date 29/10/2016 - 18:20

Economy News / Baghdad ...



Iraqi insurance company confirmed that the issue of the integration of the national insurance company it will face administrative and legal proceedings take a long time to take years for the completion of the resolution of administrative and financial belongings, because of the nature of the rules of procedure for each of the two companies.

The company said in a statement received "Economy News" that the integration of state-owned companies, especially insurance, requires a thorough study of the formation of specialized committees of the fact that the integration process are complex and not easy given the nature of the work of the two companies.

It showed that paragraph (2) of Article (50) of the organizing work of the Insurance Act stipulates "the faithful wishing to merge submit a request to the Cabinet attached with all the necessary reports and data specified by the Chief of Staff instructions issued for this purpose", asserting that the company did not apply for the merger has not issued about SAB (insurance Bureau) instructions and did not request any data on the subject.

He pointed out that, based on the rules of procedure of the company board of directors of Iraqi insurance company decided not to approve the merger of the fact that the company's profit-making companies that have achieved their plans did not provide application integration, but its board's decision was a reference to the specialization Ptominac life.

The statement added that the structure of the Iraqi insurance company completely different from the structure of the National Insurance Company as well as the rules of procedure of each, along with the nature of the work of the branches and offices of the two companies operating in all provinces.


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