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National Insurance Company: calls to reconsider the laws in force
30/07/2011
To its importance in encouraging and supporting investment
Baghdad, Hussein al-Tamimi Tgb
As a National Insurance Company one of the important elements to attract companies and investors to ensure their investments and to cover the risks that may arise from them, but they need new laws designated to implement the goals and future programs, that the work of insurance is spreading and provide great services to the local economy, and has become understood by most business owners in the all economic sectors to ensure that the reality of the continued production through preservation of the notification.
This is what he told the (morning) Director General of National Insurance Company Sadiq Fadhel al-Khafaji, confirmed that work to raise awareness of the organizational continuously, of the importance in the economy, especially that the country is entering a stage of advancement of economic scale, in all areas of production, tourism and service, by the work of investment Local and foreign operation is fully aware of the importance of insurance, which is a mechanism for the distribution of risk between corporate goals and secured so as to maintain the capital and the company's business that is exposed to the danger that faced during the period of insurance.
Khafaji stressed that insurance was found to provide protection to the community and has, where insurance covers all aspects of economic and social life, etc., as believed in the goods received by the country through land, sea and air, pointing out that the insurance to achieve considerable economic benefits, especially as the Marine Insurance guarantees goods from the origin to the store, importer, as well as it's in insurance land, while the aviation insurance covers all aspects of civil aviation aircraft and passengers and goods and other things, as the operation of insurance does not stop at this point, but include agricultural sectors and provide insurance cover for all types of hatcheries and laboratories feed livestock and grain stores, warehouses and refrigerated poultry projects, animal husbandry, so as to maintain the economic sectors of the risks and protect the economic wealth. As well as life insurance and property of citizens.
He explained that all state institutions and the private sector and his works and his companies' involvement in gross domestic national, and when damaged any part of work to provide protection to him and bring him back to what it was, so we have contributed to economic activity and maintain it, pointing out to give compensation to the affected re amount through the branches the company (44) sawmill in the general areas of the country, noting that the company's business beyond the borders of the country in several countries.
He continued by saying that the experience of insurance Iraqi manages most of the companies in the regional countries are different, today we are working through the sessions continued throughout the year to raise the efficiency of all employees of the company at different competence to keep pace with global developments in this area, because the country is cut off from the world for a long period during which the insurance work, considerable development, pointing out that the company is one of the first insurance companies in the Arab world.
Khafaji said that the mechanism of action of force upon the company providing insurance covers for all the joints of the Iraqi economy, and any failure by the company in this field is shortened in the work and duties of the company, as we work to contribute to the mixed sector companies to increase production at a high level.
He explained that the coming period will witness the emergence of Islamic insurance company and is today under consideration in the final stages of completion of joints.
Khafaji said that the company has provided insurance cover for all oil investment, without exception, in cooperation with the Ministry of Oil, which included its contracts clauses oblige the oil companies of investment on the direction to get insurance cover by the company, pointing out that the coverage of the global project needs time to provide insurance cover, where carefully consider the damage that adds up to millions or billions of dollars and mechanisms deducted from the amounts of other international companies a simple, Atdhar any of them. He pointed out that the company is now called upon to provide insurance cover for (12) investment projects to foreign companies in the field of energy.
And obstacles to work within the company Khafaji said: We need a lot of regulatory matters, and to reconsider the law of insurance, as we are working with the consultants to re-structure the insurance sector, as well as the Investment Law No. 13 of 2006, as amended, contains a paragraph harm the sector of insurance National the omission of his role when he allowed foreign companies to provide insurance cover from inside and outside the country, and this did not work in any of the countries of the world, but rely on national companies
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