As per the statute of CII, the insurance industry’s sole regulator, the nominee for the top insurance post is proposed by the economy minister to the Cabinet, ISNA reported. CII is responsible for regulating, supervising and guiding the operations of insurance companies and protecting the rights of the insured and their beneficiaries. Concurrent with regulatory and supervisory missions, it is entrusted with the task of promoting compulsory reinsurance and conducting reinsurance business in both national and international markets, according to CII’s website. Hemmati was recently appointed Iran’s ambassador to China, Financial Tribune reported.