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Whitepaper on the insurance regulatory environment in Iraq
Source: Deloitte , Author: Posted by BI-ME staff
Posted: Tue November 20, 2018 1:09 pm

IRAQ. Deloitte’s latest whitepaper on Iraq, “Fact Sheet: Insurance regulatory environment in Iraq”, provides insights into the insurance regulatory environment in the country for the benefit of interested parties and stakeholders entering the market.

The Deloitte whitepaper looks at the different types of insurance licenses granted in Iraq as well as other essential mandates with respect to capital and deposit thresholds.

The Deloitte whitepaper highlights enacted solvency ratios, calculations and sanctions that govern the insurance business in Iraq, distinguishing between solvency ratios mandated on both entity and policy levels. The Deloitte whitepaper also looks at approaches in calculating  insurance technical reserves depending on the insurance types.

“Local insurance regulations in Iraq, in comparison to international practices, are still in their infant stages. Nevertheless, tremendous potential exists to develop this industry and its regulatory environment,” explains Ayad Mirza, Managing Partner, Deloitte Iraq.

“A steady increase in population figures and a prospective growing economy in a reconstruction phase of Iraq, following the liberation announcement made last December 2017 by the prime minister of Iraq, are likely to attract new players into the Iraq market,” he added. 

To view the whole whitepaper, click here.

Photo Caption: Ayad Mirza, Managing Partner, Deloitte Iraq

About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms and their related entities are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.

Deloitte provides audit, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 245,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.

Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.

About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DTME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DTME’s affiliates and related entities cannot oblige each other and/or DTME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable only for its own acts or omissions and not those of any other affiliate.

Deloitte provides audit, tax, consulting, financial advisory and risk advisory services through 25 offices in 14 countries with more than 3,300 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has also received numerous awards in the last few years, which include best Advisory and Consultancy Firm of the Year 2016 in the CFO Middle East awards, best employer in the Middle East, the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.

 

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