Efforts to grant foreign investment cap inside Iraq

Posted: August 24, 2013 in Iraqi Dinar/Politics
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24/08/2013 12:00 AM

is insurance on investment projects implemented by foreign companies with insurance companies Iraqi urgent need to achieve the greatest benefit to the economy, because that – according to academic economist – contributes to the employment of money and the expansion of domestic investment in various sectors because companies Insurance can benefit from hiring their money in many ways to ensure the sustainability of its business through the achievement of revenue good investments and real estate loans and contribute to private sector companies and mixed.

in this context stressed the academic economic improvement of the importance of the advancement of the insurance because there are foreign companies want to insure inside Iraq. He added Ali told the (morning) that insurance companies governmental organizations in the country is seeking to secure a number of investment projects in Iraq has because it has the ability and sobriety financial strong on payments to those projects that have been insured in the event of the necessary compensation.

Exist in the country of 3 companies governmental organizations specialized in the field of insurance is the National Insurance Company and Insurance Company of Iraq and Reinsurance Company along with 3 or 4 companies securing civil, according to improve on the experience convenient Insurance Iraqi manages most of the insurance companies in the regional countries are different, because in Iraq was the launch of the first insurance companies in the nation Arab. And founded the National Insurance Company under Law No. 56 of 1950, when the release of the Companies Act No. 22 of 1997 became a public company under the certificate of incorporation numbered 54 issued by the Registrar of Companies in the Ministry of Commerce. noted academic economic to the Investment Law No. 13 of 2006 and its amendments guarantee paragraph harm the domestic insurance sector to the omission of his role when he allowed foreign companies to provide insurance cover from inside and outside the country while he should compel them to insurance only inside Iraq.

However, that it may come as a magnet for foreign investors. called to the need to focus on the insurance sector because it provides big money in the state treasury if it was locked all investment projects with the insurance companies, government also said it would strengthen the chances of the company’s investment of these funds to establish economic projects huge as She practiced investment of money in many ways for the purpose of the sustainability of their business and get revenue, noting that it may be through the granting of loans to citizens to set up specific projects to meet annual interest, he added, as the company can deposit cash surplus has in banks and exploitation of deposits of the benefits of annual rewarding. continued Ali said the insurance company government the right to invest their money in various aspects of investment Kalakara, deposits, remittances and subscription shares of joint stock companies in the private sector and mixed together with mortgage lending. , and pointed out that the stability of the economic situation of Iraq restored activity again for national insurance companies as they carry out their activities in the areas of different insurance such as insurance and health engineering, agriculture, fire, accidents and car insurance and marine insurance and insurance of ships and aviation as well as reinsurance.

Explained in the insurance of various kinds is through an insurance policy offered by the company and which determine their commitment to compensation for all the damage that might be caused to the person or materials that are insured ., indicating that the company meets the amount of insurance installments are agreed on the wording. stressed that the absence of insurance awareness in Iraq because of the wrong policies and wars cause undo the real sector, noting that the ships that used to come to the Iraqi ports then exposed to the bombing of an insured with insurance companies National forcing the company to pay compensation down to the owners of marine vessels, leading thus to a halt marine insurance in that period of losses significant damage to this area of insurance. hinted academic economic that the nineties of the last century represented a dark period in the insurance sector in general because citizen went to secure a living and cranny aside Multi insurance is difficult to get the money at the time because of the general situation that was taking place in the country because of the wrong policies and the consequences of the international sanctions inflicted on Iraq.

noted that Assistant Secretary General of the Council of Ministers for the ministries and provinces Rahman Issa Hassan discussed with the Director General of the National Insurance Company Sadiq Fadhil al-Khafaji earlier in the reality in Iraq and insurance Activity Arab and Iraqi companies and the contribution that Iraq has a stake in to find out the reality of these companies and address the obstacles that hinder the work of the National Insurance Company. It was emphasized that insurance is vital that contribute to address the economic and social must spread the culture of insurance among citizens.

For his part, Director General of the National Insurance Company importance of the topic that Iraq developed countries in this area in addition to that the company has assets of large in the area of insurance where there is in Iraq, two of the most important companies in the Arab world are the national insurance company and the insurance company with a capital of Iraqi estimated 60 billion dinars, and reserves estimated at 230 million dollars.

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