Rubaie: the insurance sector establishes a financially secure market

Rubaie: the insurance sector establishes a financially secure market



10/02/2013 12:00 AM

BAGHDAD - Farah pumice

Called for private sector companies in the insurance industry official bodies to support the amendment of the Insurance Act No. 10 of 2005 , which it said he did not Ancefha , to be able to exercise its role which contributes to the economic development process in the country.

Expert insurance and a representative of the private sector insurance companies Saadoun problem -Rubaie said in a statement (morning) : "The insurance is a financial institution which is one of the cornerstones of the economic development process ," urging the support of these companies to be able to exercise its role to contribute to the process of economic development . Rubaie added that " the absence of insurance awareness led to the neglect of the sector , so there was no support for a clear and explicit to him ," pointing to the existence of 29 private insurance company , including 5 companies in the province of Christan . acknowledged expert that insurance companies in the region, more lively and effective and work for other companies, however , he said: that companies in Baghdad and other provinces do not receive support to be activated , as it was lifted notes to the Office of insurance and the Ministry of Finance included identifying problems and constraints faced by the private insurance companies , calling on the Office of insurance and the Ministry of Finance as the regulator and supervisor of the this sector to pay attention to the suffering of this sector , specifically private insurance companies , as well as the amendment of the Insurance Act No. 10 of 2005 which did not Ancefha . indicated that the insurance Law No. 10 of 2005 aims to regulate the insurance sector and supervision to ensure the development and secure market open, transparent and safe financially, and strengthening the role of the insurance industry to ensure that people and property against risks to protect the national economy. between Rubaie, he has to be an awareness of insurance to cover the risks faced by citizens , including the dangers of credit faced by banks , ie can not open adoption to import any goods unless they are covered by insurance , as well as other types of fire, theft, life insurance and personal accident and everything related to it, explaining that Article 81 of the insurance Law allowed to choose the insurer to the type of insurance required by . said the expert institutions of the state are insurance companies have government insurance , as in securing oil licensing and card orange , which accounts for 60-75 percent of them , saying : "There are allegations that private companies did not have the financial power to cover this large insurance ." and pointed out that the private insurance companies have huge capital , you can cover a lot of projects, suggesting that did not have the financial capacity for this type of insurance , it can be granted this insurance cover through the complex shared by all insurance companies to be able to own the required insurance coverage . The Committee on Economic Affairs in the Council of Ministers has decided to provide for the Ministry of Finance to study the reform of the insurance sector with the help of global systems on the subject and submit periodic reports to the Economic Commission in this regard , in order to develop the insurance sector , both public and private sectors .

Regarded as Senior Director for the insurance company Iraqi Abdul- Sada al-Saadi said insurers civil healthy phenomenon will create an atmosphere of competition with state-owned companies , and therefore improve by these companies is a step forward to provide more protection for the national economy and create more chances to compete in the Iraqi market.

[You must be registered and logged in to see this link.]