“However, the establishment of these offices does not imply active operations in Iran, as it mostly allows [foreign insurers] to get work from Iranian insurance companies,” Abdolnasser Hemmati also told IBENA. The official stressed that for foreign insurers to operate in Iran, they will either need to establish a full branch in the country or purchase the shares of Iranian companies. Hemmati noted that negotiations were underway to undertake the same initiative, but the emergence of US President Donald Trump hampered the process, Financial Tribune reported.