Iraq – Calls to restructure insurance sector
Saturday, 03 17 2018, Category: Insurance and Reinsurance, Country: Iraq
The governor of the Central Bank of Iraq Mr. Ali al-Alaq called to revive the insurance sector. The sector flourished in the 1950s and had generations of highly qualified professionals and an advanced level of expertise. He added in a conference sponsored by the Iraqi ministry of labor, the insurance regulator and public insurers that “between the years 1991 and 2012, the Iraqi central bank regulated the activities of insurance companies and the sector needs support”. He confirmed that the “period of reconstruction and development of Iraq will energize the sector and its role”.
The Deputy Minister of Finance and Agency, Mr. Maher Hammad Johan said that “the problems of insurance companies can be resolved by reviewing the legislation and laws that fit with local needs” confirming the “necessity of complementarity and competition among operating insurers”.
Source: Al Hayat