No Insurance for Unauthorized Moneychangers

EghtesadOnline: The Central Insurance of Iran, the regulatory body of insurance industry, has banned the sale of burglary insurance policies to unlicensed jewelry and exchange shops.

News ID: ۷۷۷۹۸۸

29 July 2017

The decision was made by CII and law-enforcement forces, following the new measure taken by National Security Council, which obliges banks, exchange shops and jewelry stores to obtain insurance coverage. Insurers are permitted to sell other types of insurance coverage to unauthorized shop-owners, Razepool reported. The move is also in line with the government’s plan for regulating the foreign exchange market. Moneychangers should apply for a permit from the Central Bank of Iran, meet the bank’s requirements and accept its oversight. The latest update in the list of licensed moneychangers on CBI’s website features 550 shops, according to Financial Tribune.