Details of Iran, Azerbaijan insurance deal revealed

Business Materials 20 May 2019 11:10 (UTC +04:00)

Tehran, Iran, May 20


Iran is to expand insurance ties with Azerbaijan and seek to continue bilateral ties with other neighbors by establishing joint insurance companies.

The head of Central Insurance of Iran Gholamreza Soliemani discussed the insurance agreement signed by Iran and Azerbaijan in an interview with Trend.

"Iran's Minister of Economic Affairs and Finance Farhad Dejpasand and myself attended the 13th Iran-Azerbaijan Joint Economic Commission at Baku in April to develop insurance ties between two countries and held meeting with Azerbaijani high-rank representatives in private and public sector. Two countries agreed to expand their bilateral ties in the field of insurance and reinsurance. The issue has become part of memorandum of understanding that was signed by finance ministers of Iran and Azerbaijan," he said.

Speaking about the date when the agreement on insurance comes to force, he said, "The document was sent to Mr. Dejpasand and his Azerbaijani counterpart Shahin Mustafayev in English and Persian for further review. The final version of the memorandum of understanding will be also prepared in Azerbaijani language to be signed by insurance officials of two countries."

Soliemani spoke about plans of Central Insurance of Iran to expand ties in current Iranian year (started on March 21, 2019). "Due to importance of insurance and reinsurance cooperation with neighbor countries including Azerbaijan, the Central Insurance of Iran has expressed readiness to establish insurance companies with joint investment (from these countries) to cover necessary insurance requirement and avoid risks, so we are open to suggestions," he said.

"It should be noted that by accession of Azerbaijan to Green Card System in 2016 , Iran signed a bilateral deal with this country. The two countries have professional cooperation under international framework in this insurance system," he added.

Answering to the question whether Central Insurance of Iran has similar plans to work with other neighbors, Soliemani said, "The Central Insurance of Iran seeks to improve ties with countries around the world through insurance and reinsurance relations, establishment of joint insurance companies and expansion of its ties, particularly with neighbor countries. In this regards, necessary measures have been taken to develop cooperation with insurance organizations in Azerbaijan, Turkey, Armenia , Georgia , Iraq, Syria, China and Russia."