Start merging my insurance «» and «Iraq»
04/10/2016 12:00 am
In order to increase their capital and expand the insurance covers
Insurance companies play, as an economic pillar in all countries of the world, a vital role because it's top contributor in the funding and administration of investment and service development projects, especially if their efforts are directed towards development, accounting integration with each increase in their heads so that they can increase their activity and strength of insurance granted lids in various areas.
Given the economic conditions experienced by Iraq, after extensive studies, the need arose for the amalgamations are the biggest insurance companies in the country, namely the national insurance company and insurance company of Iraq, especially the elements and conditions of integration available especially to companies with high solvency, will expand the potential new company took insurance.
Merger of two companies.
And IID said "morning," start legal proceedings for the merger of the national insurance company and the insurance company of the Iraqi "Government insurance sector and reduced to a single Government Corporation to do insurance business.
For his part, between competent expert in insurance issues Saadoun problem, the benefits of this merger by saying: "the Iraqi insurance company merger with national insurance company many dimensions that I reduce SAG in the Government sector, is a serious step in the reform of the insurance sector declined significantly during the 1990s.
He said the problem in an interview for "morning", "the second dimension is increased integration of capital companies, what enhances the granting of insurance covers especially compensations because of large capital would fall to the sides
Article (50/I) of Insurance Regulation Act number 10 of 2005 "merger of insurer or forwarder lock in locked or forwarder other insurance including believers or reinsurers the slave of the State".
Objectives of the merger.
The merger of the two giants with one company will give an incentive to investment companies to enter Iraq and insurance for projects within the country, requires a reconsideration of the insurance investment law number 13 year 2006 and amendments for conforming integration between The two companies.
And represents the insurance sector in Iraq 3 Government insurance companies are all from national insurance company, insurance company, reinsurance company, along with 29 insurance company and two branches of insurance companies Foreign.
He saw the problem that the idea of merging the two companies probably will encourage the integration of a number of private insurance companies to promote competition between private companies and the new company.
And the merger of the national insurance companies with each other and the possibility to achieve appropriate Economic Affairs said feras Amer, that "the circumstances in which the country requires higher economic interest of Iraq, since private companies ' ownership of civil war" it is difficult to persuade this company integration difficult to work under the leadership of this company."
The insurance sector suffered in Iraq since the 1990s of the last century from the effects of war and fallout from international sanctions and reckless policies aiming system, exacerbated that suffering increasing absence of insurance awareness and not knowing the real role played by public insurance companies in the economy and sees Amer that insurance companies, governmental, or civil war, according to international standards for the safety of the insured, to have the capacity to carry insurance and risk cover it completely, explaining that it is through a secure documents confirming the excellent levels of service and products Well the best competitive price possible.