Iran and France to strengthen reinsurance and banking ties

Government and business leaders from both countries meet as part of normalization efforts after lifting of sanctions

Iran and France to strengthen reinsurance and banking ties

Insurance News

By Gabriel Olano

Several economic figures from both Iran and France met in Tehran on Saturday to discuss the expansion of relations between the two countries’ banking and reinsurance systems.
“Iran has taken efficient measures to boost the banking system and meet the international anti-money laundering standards,” Iran’s Economy Minister Ali Tayyebnia told the Financial Tribune. “We expect France and European countries to support the removal of Iran’s name from FATF’s blacklist.”
Meanwhile, Victor Peignet, CEO of French reinsurance company SCOR, visited the Tehran headquarters of the Central Insurance of Iran (CII), the country’s insurance regulator.

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According to a statement on the CII’s website, Peignet extended SCOR’s eagerness to increase cooperation with the Iranian insurance industry, beginning with close collaboration with the Middle Eastern country’s regulatory body.
CII president Abdolnasser Hemmati cited several points of cooperation with the French reinsurer in the past. He expressed hope in revival of ties between the two nations after Iran reached a nuclear deal with world powers.
In November 2016, Hemmati and Peignet participated in a meeting in London, where Hemmati urged immediate action to solve the issues regarding insurance sanctions, stressing that Iran will not accept any conditions beyond the nuclear agreement with world powers. SCOR stated that it is ready to conduct training for Iranian insurance managers on risk management and pricing policies.

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