ARTICLE · 19 MARCH 2010

Iraq Insurance Laws

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As conditions gradually improve in Iraq, queries are being received concerning opportunities in the insurance sector. This article provides a regulatory overview of the Iraqi market.

IraqInsurance

Jason Walters

Insurance in Iraq

As conditions gradually improve in Iraq, queries are being received concerning opportunities in the insurance sector. This article provides a regulatory overview of the Iraqi market.

Statutory Overview

The operation of insurance in Iraq is governed by the Insurance Business Regulation Act 2005 (IBR). This act applies to all industry participants who wish to practice insurance business in Iraq.

Insurance business is widely defined in the IBR to include any activities of reinsurance, works of insurance professionals, acts of agents, intermediaries, the promoters of insurance contracts, claims evaluation, assessment, settlement, any transfer operations and any other activities related to an insurance contract. It is therefore likely that any insurance activities conducted in Iraq will fall within the terms of the IBR and be subject to regulatory supervision.

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