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Localization of insurance .. the need to achieve vitality

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Localization of insurance .. the need to achieve vitality Empty Localization of insurance .. the need to achieve vitality

Post by claud39 on Thu May 09, 2019 10:06 am

[size=36][rtl]Localization of insurance .. the need to achieve vitality[/rtl][/size]

Wednesday, 08 May 2019

Localization of insurance .. the need to achieve vitality 980-Alsabbaq

Baghdad / Mustafa al-Hashemi

The insurance specialist, Mesbah Kamal, proposed a number of solutions that would settle the insurance inside the country, leading to activating the role of the insurance companies in the economic process in Iraq.

"The importance of« the requirement of insurance on the physical assets and legal responsibilities arising exclusively by insurance companies registered with the competent departments in the country approved by the Board of Insurance », pointing to the need« limit the procedure of insurance outside Iraq (ie, outside the rules) Supervisory Board managed by the Insurance Bureau).

Kamal said that "what helps to settle insurance is the requirement that the import of Iraq on terms of cost and shipping (C & F) and not on the terms of cost, insurance and shipping (CIF - CIF) when opening documentary credits with banks."

Fines imposed

Called for the imposition of fines, financial and non-financial when the violation of the condition of insurance companies approved by the Board of Insurance of any Iraqi party or foreigner working in Iraq (ie the insured), and obligate the party to buy the insurance from insurance company registered and approved in Iraq.

He pointed out that the strengthening of compliance with these conditions and ensure their application is through coordination with the customs departments to restrict the export of imported goods of all types of Iraqi ports, land, sea or air, and the requirement to produce a fundamental insurance document issued by insurance company registered and approved in Iraq.

"The failure to provide advances or payment on the account or the final settlement of construction contracts without presenting a fundamental insurance document issued by the insurance company registered and approved in Iraq," explaining the importance of "the text in the contracts of the State on the insurance with insurance companies registered and approved in Iraq, Unified conditions of insurance and compensation in the contracts of the State with Iraqi and foreign contractors. " He stressed the importance of securing the oil and gas industry at all stages of the insurance companies registered in Iraq, public or private, as well as encouraging the establishment of large insurance companies with strong financial capabilities with high-quality staffing through the integration of small private insurance companies.

Strengthening insurance institutions

Kamal focused on the need to "ensure the independence of the Insurance Department, despite being a form of the Ministry of Finance, and strengthen its technical staff through training in the Arab supervisory bodies trained in Egypt or Jordan, for example; and ensure that there is no conflict of interest between him and the insurance companies."

He stressed the need to "improve the level of control exercised by the Insurance Bureau to ensure that insurance premiums do not leak unlawfully abroad; and to ensure the validity of reinsurance contracts concluded by the insurance companies under his control."

He advised Kamal, who is responsible for the economic file in Iraq, "equality in dealing with public and private insurance companies and to stand one distance from them by the Insurance Board and the Iraqi Reinsurance Company, and make the Iraqi Insurance Association an institution open to all its members of insurance companies, , Guarantee the independence of its work, complete its technical staff and raise the level of data and publications issued by it. "

Kamal said: "It is necessary to intensify vocational training for workers and workers in the insurance sector and support the status and role of the Iraqi reinsurance company, or think of restructuring, inspired by the past in the sixties and seventies.

Federal Insurance Market

He called for "addressing the legacy of the former regime in terms of the interests of the affected parties and resolving any problems between the public insurance companies and the Kurdistan Regional Government in order to prepare for the return of the branches of public insurance companies to the region and the establishment of a unified federal insurance market, Insurance activity, to avoid duplication of control and administrative and financial costs to insurance companies, and ensure the freedom of work of insurance companies throughout Iraq. 

Additions to the project

Other secondary titles can be added to the insurance policy, such as the establishment of an insurance policy at the corporate and individual levels; social insurance in various forms and the appropriate rules for financing it; health insurance and the family doctor system; the review of the management of compulsory motor accident insurance law No. 52 of 1980 and its amendments; Life insurance at an insurance price that does not burden the construction of a government fund to compensate for the physical damage to small-scale individuals as a result of disasters 

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