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Insurance support legislation compounding investment returns
2/20/2016 0:00 [rtl]23 private companies need to develop BAGHDAD Mustafa Hashimi insurance expert Saadoun al-Rubaie called for issuing legislation to amend Law No. 10 of 2005, in line with the Investment Law No. 13, as amended materials to take the insurance sector role is required to support the investment, construction and reconstruction and development programs. He noted al-Rubaie said in an interview «morning »to the existence of 32 private company in Iraq to secure needed support and development for the purpose of highlight and expand the role of this sector in achieving the accumulation of capital and employed in addressing the economic effects of the risks so as to contribute to the sustainability of the production process of the state and individuals. He said that many insurance economic functions is to provide protection of the funds public and private sector - and mixed and detention of financial reserves to cope with the various risks and the insurance contributes to the achievement and to provide protection for various risks to economic activity what drives and motivates enterprises, companies, factories, business owners money to invest their money linked to the banks for the granting of credit facilities and loans secured decades. He pointed out that al-Rubaie insurance encourages citizens to save and reduce consumerism also represents one of the manifestations of social awareness and contribute to the deployment of preventive awareness among the public. He said that the national income in the insurance application is subject to the changes in the rise and fall in unspecified periods of time, the fact that the national income growth rates are supposed to encourage and stimulate the insurance growth rates upward lead to increased demand for goods and services which need insurance. He said the time is right because adopt the Ministry of Finance and the bench regulators (insurance Bureau) submit a draft law or instructions for the purpose of mandatory insurance for government departments and the provinces and the region for some types of insurance including fire - Asaha- ensure honesty - professional responsibility. and that this will result in a rise in the volume of premiums and increase investment returns and not this insurance is limited to the general insurance companies - where there are 32 private insurance company in the Iraqi insurance market. He continued financial and technical point of view, this action will encourage and push companies Arab and foreign-off to cover the dangers before it and therefore leads to increase the proportion of commissions backing Iraqi insurance companies and encourage private sector companies to increase the retention and revitalization of its work and coordination with the Businessmen Union and the Union of Iraqi industries in order to achieve financial returns these private companies and increases in economic size (financial) and the development of their financial capabilities by increasing their capital and increase retention in order to reduce premium leakage and the development of financial solvency to face economic challenges. alluded to the existence of important indicators to demonstrate the strength and the ability of insurance companies is the most important force agreements are relatively large and their capital and financial reserves cumulative and consisting of undistributed profits and capital increase encourages reinsurers and view him as a basis for establishing solvency they are dealing with. and these enable private companies to raise retaining accepting cover written notice of the earlier rates, also will push companies to expand to accept the dangers on the increase It is accompanied by activation of the permanent observer for insurance companies and ensure that they comply with all the terms of the financial, technical and marketing and instructions (and this from the Office of insurance) functions as insurance to develop relations with the Arab insurance companies and cooperation to exchange information and experiences and plans software and technical workers has impact on the development level of the work works these companies and upgrade them to the level of the rest of the Arab and international companies.[/rtl] [rtl][You must be registered and logged in to see this link.][/rtl] |
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