Competition Council Rules in Favor of Insurance Regulator
EghtesadOnline: According to the Competition Council, the obligation of insurance companies to use the insurance switch for their online sales, used by online brokers to access insurance sales services, is in line with the CII’s supervisory mandate.
The Competition Council has dismissed complaints by online insurers and ruled in favor of the Central Insurance company of Iran (CII) in introducing Amitis as the only gateway connecting insurance companies with online brokers and other service-providing startups.
The CII mandated online brokers to access their insurance service through the insurance switch using their insurance APIs. Implementation of this project was assigned to Rahbord Negar Amitis Company, in which the CII holds a majority stake, granting it full authority to provide the services.
An API gateway is a management tool that sits between a client and a collection of backend services. It functions as a reverse proxy to accept all application programming interface (API) calls, aggregate services required to fulfill them and return the appropriate result.