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In November 1979 Iranian government passed the “Bill of
Nationalization of Insurance Institutions and Credit
Institutions” and all such institutions were proclaimed
nationalized and business permits of representative offices of
foreign insurance institutions in Iran were cancelled. Later,
this attitude began to change slowly; in 1999 the
“Administration of Free Trade-Industrial Zones Act” was
adopted, according to which private insurance institutions may
operate in Free Trade-Industrial Zones. Moreover, according to
the said act, foreign insurance institutions may operate in
FTIZs through their representative/branch. In 23 Aug 2001
council of ministers adopted the governing regulations on
establishment and operation of insurance institution in FTIZs.
In 5 March 2000, Iran passed a law concerning “Establishment,
Operation and Discontinuation of the Contact Offices of
Foreign Insurance Institutions in Iran”.
In 28 Aug 2001, the “Act of Establishment of Non-Governmental
Insurance Companies” was adopted, according to which private
insurance companies may operate in Iran.
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