1-     Iranian joint – stock or cooperative insurance companies with Iranian and/or foreign shareholders with registered shares;

2-     Insurance agency and/or broking institution.

 In addition, insurance institutions are permitted to establish branches. Branches and agencies of insurance institutions, operating in other parts of the country, can operate in each Free Zone, under the provisions of the Establishment Act of Bimeh Markazi Iran and Insurance Operations.

 Insurance institutions, first, have to be registered in the Zone, and their registration is subject to presentation of a registration permit issued by the Bimeh Markazi Iran. Moreover, compulsory registration of any subsequent changes in the Articles of Association, amount of capital and shares of the previously registered institutions, is subject to the approval of Bimeh Markazi Iran.

 In order to secure a registration permit the following documents and information must be submitted to Bimeh Markazi Iran:

i.                    Articles of Associations of the institution;

ii.                  The institution’s amount of capital, the receipt or a commitment letter for its payment;

iii.                The paid and non-paid portion of the shares and the method of payment;

iv.               Lists of shareholders, Inspectors and directors and their nationalities, and number of shares to be owned by each of them;

v.                 Other documents, papers and information confirming financial and technical integrity of the institution and its directors. 

 According to article 7 of the FTIZ Regulations on insurance, Bimeh markazi Iran is obliged to advise, in writing, its views on the acceptance or rejection of the application to the Authority within 30 days from the date of the submission of the last requested document and information.

The registration permit will remain valid for 6 month and if the institution is not registered within the said period, another registration permit must be obtained. In case of rejection, applicants are entitled to submit their objections to the General Assembly of Bimeh Markazi Iran, whose verdict shall be final and binding, within 30 days.

 Upon receiving the registration certificate of the institutions in the Zone, Bimeh Markazi Iran will issue an operation permit for one or more classes of direct insurance, reinsurance or both.

 According to article 3 of the aforementioned regulations, institutions authorized to operate in the Zone, may not provide insurance for persons residing/subject and matters located, in other parts of the country and transport insurance for goods imported to other parts of the country, whose purchase contract is concluded in Iran, or whose letter of credit is opened in Iran. However, issuance of insurance policies, by the insurance institutions of the Free Zones, for those subjects and matters not covered by the Iranian insurance institutions operating in other parts of the country is an exception to this Article. Furthermore, institutions authorized to exclusively operate direct insurance in the Zone, may not accept reinsurance from insurance institutions operating in other parts of the country.

 Insurance institutions may insure properties and liabilities (except that of life insurance) in the Special Economic Zones, in accordance with relevant rules and regulations.

 Minimum capital for insurance institutions, insurance agencies and insurance brokers are as follows:

1.     Direct insurance institutions are to be established with a minimum capital of Rials fifteen billion (15,000,000,000), at least fifty percent (50%) of which must be paid initially;

2.     Mutual insurance institutions are to be established with a minimum capital of Rials two hundred million (200,000,000) at least fifty percent (50%) of which must be paid initially;

3.     Reinsurance institutions are to be established with a minimum capital of Rials eighty five billion (85,000,000,000) at least fifty percent (50%) of which must be paid initially;

4.     Insurance agencies and/or broking institutions are to be established with a minimum capital of Rials three hundred million (300,000,000) at least fifty percent (50%) of which must be paid initially.

 NOTE: Foreign shareholders of the institutions, must pay their Rial shares in the foreign currencies acceptable to the Central Bank of Iran and/or must produce a foreign currency conversion certificate. In addition, the capital funds must be deposited in one of the banks certified by the Central Bank of the Islamic Republic of Iran and preferably in the banks, which hold branches In the Free Zones.  

 The operation permit issued by Bimeh Markazi Iran for either all classes or specific classes will be cancelled in the following instances:

      1.     At the request of the permit – holder;

      2.      In case, the institution does not commence its   operations in the Zone within one year beginning from the date of the permit;

      3.      Bankruptcy of the institution;

      4.      If, at the discretion of Bimeh Markazi Iran supported by the High Council of Insurance, the institution is not financially capable to fulfill its commitments, or if the continuation of institution ‘s operation is to the detriment of the insureds, assureds or their beneficiaries;

      5.      On the ground of other prescribed instances in the relevant regulations.

 Insurance institutions are obliged to inform Bimeh Markazi Iran of any changes in the institution`s major shareholders, directors and inspectors (auditors) within 2 weeks. Moreover, they must reinsure with Bimeh Markazi Iran, ten percent (10%) of all their direct insurance businesses. Bimeh Markazi Iran can accept or reject the said reinsurance.