German, French insurers request resumption of ties with Iran

Business Materials 19 July 2015 17:15 (UTC +04:00)

Baku, Azerbaijan, July 19

By Fatih Karimov - Trend:

German and French insurers have put in requests to resume ties with Iran once sanctions on Tehran's nuclear program are lifted, said Mina Sediq Nouhi, deputy head of Iran's Central Insurance Company for reinsurance affairs.

After signing the Joint Comprehensive Plan of Action (JCPOA) between Iran and the P5+1 group, European insurance companies have voiced interest to work with their Iranian counterparts, Iran's IRNA news agency quoted Sediq Nouhi as saying on July 19.

According to the JCPOA and after lifting of the sanctions, European companies can provide insurance coverage for the National Iranian Oil Company, as well as tankers carrying Iranian liquefied gas, oil, gasoline, and petrochemicals, she said.

The official added that removal of sanctions will also enable European firms to provide insurance coverage for raw materials and other commodities transferred by Iranian transportation system.

On July 14, Iran and the P5+1 group of countries - the US, the UK, Germany, France, China, and Russia - reached an agreement over Tehran's nuclear program.

Based on the agreement, Iran and the six powers agreed that all economic and financial sanctions against Iran will be removed through a Security Council resolution. In addition, all bans on Iran's Central Bank, shipping, oil industry, and many other companies will be lifted.