Approval of the final license application to establish two insurance and reinsurance companies with Syrian and Iranian participation

Economy

The Board of Directors of the Insurance Supervisory Authority approved the final license application to establish two Syrian insurance and reinsurance companies with Syrian and Iranian participation, namely Al-Mawaddah International Insurance Company, with a capital of 32 billion Syrian pounds, and Al-Salam International Reinsurance Company, with a capital of 50 billion Syrian pounds. The licensing file is scheduled to be presented to the Council of Ministers to take a final decision on it.

The Council also agreed, in a meeting held under the chairmanship of the Minister of Finance, Dr. Kenan Yaghi, to increase the capacity of the bank reinsurance complex by 100 percent, with the aim of keeping pace with the growing need for insurance in the banking sector, and enhancing the role of joint cooperation between the components of the insurance sector in protecting the national economy.

During the meeting, the Council discussed ways to develop the insurance market, strengthen its strong components, control expenses, and improve insurance services in various branches.

At the end of the meeting, the Council agreed to adopt the Authority’s draft estimated budget for the year 2024.

Souha Suleiman

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