Iraqi insurance: a merger with «national» will face legal and administrative measures
29/10/2016 0:00
[rtl]Emphasizing the formation of specialized committees and thorough study
BAGHDAD / morning
requires a process of reform in the structure of government institutions and companies to reduce the slack in the public sector to take a package of measures , including feasibility studies extensively, especially to the merger with jurisdiction similar public companies, especially my company insurance government Winning their being they contribute to the achievement of the case of stability and balance in the Iraqi insurance market, as well asproviding the opportunity to compete with their counterparts from the private sector companies.
sees specialists need to create a suitable ground for the process of integration, built from the legislative, administrative and legal, ensuring the continuity of opportunities forcompetition between public and private insurers , including to boost the local insurance market . the
merger announcement ,
and recently launched the Office of insurance Msaia announce the start of legal proceedings for the merger of the national insurance company with the Iraqi insurance company, but the merger - according to the Iraqi insurance - may take time because ofadministrative regulations and legal regulations in force and in the country. Iraqi insurance company confirmed that the issue of the integration of the national insurance company it will face administrative and legal proceedings take a long time to take years for the completion of the resolution of administrative and financial belongings because of the nature of the rules of procedure for each of the two companies.
She said the company in a statement the "morning": that the integration of state - owned companies, especially insurance, requires extensive study and the formation ofspecialized committees of the fact that the integration process are complex and not easy given the nature of the work of the two companies.
it showed that paragraph (2) of Article (50) of the organizing work of the insurance Act stipulates "the faithful wishing to merge submit a request to the Cabinet attached with all the necessary reports and data determined by the Chief of Staff instructions issued for this purpose ", asserting that the company did not apply for the merger was issued by the Court (insurance Bureau) instructions and did not request any data on the subject.
rejected the merger
and pointed out that, based on the rules of procedure of the company The board ofDirectors of the Iraqi insurance company not to approve the integration of the fact that the company's profit -making companies that have achieved their plans and did not apply for the merger, but the decision board was a reference to the specialization Ptominac life.
the statement added that the structure of the Iraqi insurance company completely different from the structure of the national insurance Company as well as the rules ofprocedure of each, along with the nature of the work of branches the offices of the two companies operating in all provinces. For his part , questioned the expert in the field ofinsurance lamp Kamal about the need to integrate the two insurance at the present time especially they successful companies, noting that they as companies self - financing, do not depend on the state treasury, and are making annual profits, and are rotated part ofthem among employees as incentives after paying their share of tax income and fees.He pointed out that the two companies are contributing effectively in the case of rivalry between them on the one hand and between the private insurance companies on the other. He saw the merger between public insurance companies are not required at thepresent time, indicating that these companies do not suffer from the financial, administrative and technical difficulties, besides the enjoyment of the ability to compete with each other on the one hand and with the private insurance companies on the other.
He Kemal that recourse to the mechanism integration has imposed financial and other problems faced by the companies which thus does not suffer from being the public companies of the winning companies.[/rtl]
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