National Insurance announces receipt of installments worth 97.7 billion dinars

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The Ministry of Finance calls for the integration of the Iraqi National insurance firms

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BAGHDAD / tomorrow Press: 
affirmed Bureau of the Ministry of Finance and insurance, on Tuesday, that with the integration of Iraqi firms and national insurance, noting that the Insurance Act needs to be amended. 
The general director of the Office of Insurance, Sadiq Abdul Rahman, for "tomorrow 's Press," that the Iraqi Insurance Company and National Insurance made good achievements during the past years and their work substantially similar , "noting that" the Court with the integration of the two companies and make it a single company. " 
He added that the "there are 33 insurance companies , especially since the Court supports those companies well to clean the work we need a law to be supportive of their work, and the law of the current insurance needs to be modified." 
He added that "responses to weak legislation law requiring insurance for the Iraqis, and this is sought by the Court that the implications of this sector positive dramatically. " 
The insurance Bureau was established pursuant to the provisions of M article (5 - I) of the Insurance Regulatory No. 10 of the 2005 Act, which aims to regulate the insurance sector and supervision in order to ensure its development and to ensure an open and transparent market and secure financially and strengthen the role of the insurance industry to ensure that persons and property.

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National Insurance announces receipt of installments worth 97.7 billion dinars

Logo of the Iraqi General Insurance Company

Economy News Baghdad:  The National Insurance Company announced on Tuesday that it received insurance premiums of 97.7 billion dinars for the year 2016, confirming that it received premiums of 92.9 billion dinars. The company said in its annual report for the year 2016 seen by "Economy News", "The compensation paid decreased by 19 percent than in the previous year," indicating that "the compensation paid for the year 2016 amounted to 38 billion and 627 million and 858 thousand dinars for compensation of 47 Billion and 448 million and 423 thousand dinars for the year 2015. The report pointed out that "the volume of investments for the year 2015 amounted to 171 billion and 263 million and 956 thousand dinars compared to the volume of investments in the previous year 157 billion and 570 million and 780 thousand dinars, an increase of 8 percent." He added that "investment revenues for the year 2016 amounted to 8 billion and 402 million and 492 thousand dinars compared to revenues achieved in the previous year amounted to 7 billion and 215 million and 30 thousand dinars, an increase of 16 percent." And "the existence of a number of problems and obstacles that hindered the work of the company, including not to renew many of the documents of the public sector because of reducing the allocation of the paragraph of insurance in the budget," adding that "military operations in the provinces in which it led to the loss of the company to a number of insurance documents there, Lack of investment balance, which led to the suspension of many investment projects. " The report stressed "the impact of inflation in the balance of payments, which included all economic facilities in the country and extended to the revenues and expenses of the company, which in turn protected the funds of the insured, whether the government sector or the amounts and current current affected by the state of inflation, pointing out that this made the company resort to the calculation of insurance prices Covering such protection and preserving its rights and financial solvency. " He explained that "the total technical reserves amounted to 119 billion and 227 million and 986 thousand dinars for the year 2016 compared to reserves of 116 billion and 270 million and 16 thousand dinars in 2015, an increase of 2 percent."     Views 146   Date Added 07/25/2017