Iraq – legal junction at the opening of insurance offices near border crossing
Wednesday, 07 01 2015, Category: Insurance and Reinsurance, Country: Middle East
According to the head of the office of insurance, Mr. Faisal Manhal, the national insurance company belonging to the ministry of finance is the only company that has offices on border crossings.
Mr. Manhal added in an interview to Alsabaah that the provisions of the 52nd compulsory law for the year 1982 which still applies, allows the national insurance company exclusively to exercise these activities. Whereby this act exclusively belongs to the company and does not allow any other insurance firm to operate near those border passages, mentioning the junction between the 52nd compulsory law of 1982 and the 10th law regulating the insurance business for 2005.
Mr. Manhal also assured that the company now has offices in the crossing of al Waleed, Traibeel, Safwan, and Abu Flous harbor, excluding the border crossing with Kurdistan region.
Last Thursday, the Minister of Transportation Mr. Baqer Jabr al-Zubeidy stated:“The General secretariat of the council of ministers agreed to the special recommendation, succeeding the sixth meeting of the national trade and transport facilitation, concerned with the establishment of insurance offices on the border crossings for companies who are interested in handling personal and cargo insurance.”