It provides for greater engagement between the two entities aimed at boosting trade and social bonds, CII head Abdolnaser Hemmati said after the signing ceremony. “The document is meant to expand technical cooperation and coordination in the reinsurance area under the framework of the two countries’ national regulations,” he was quoted as saying by the CII website. Hemmati added that the deal allows each side’s insurance companies to seek a share of the domestic market on the other side. The agreement came into effect on the day it was signed, according to Financial Tribune.