Bimeh Markazi Iran

Established in 1971 by an act of parliament to oversee the development of local insurance, Bimeh Markazi Iran today functions as both the country’s insurance regulatory authority and official reinsurer. All insurers in Iran are obliged to cede 25% of non-life business and 50% of life business to Bimeh Markazi. In the absence of any other professional reinsurance capacity, local primary insurers also tend to exchange reinsurances. In the case of large or very specialised risks, companies are allowed to reinsure abroad. However, they have to offer 30% of the contract to Bimeh Markazi. The company also helps the other five insurers that constitute the local industry to access the international reinsurance market.