Regulating Insurance in Iraq

Analysis

The insurance industry in Iraq, in its modern form, was not founded as a result of economic or social need to protect the locals and their assets, as was the case in other Western countries. In reality, insurance was introduced into Iraq through the establishment of agencies and branches of Western insurers.

Early legislation

The introduction of the Insurance Companies Law No. 74 of 1936 and its relevant regulations, namely the Regulation for the Insurance Company Permits No. 25 of 1936 mark the introduction of legislation that deal solely with the insurance industry in the country.

With the introduction of the Insurance Firms and Agents Law No. 49 of 1960, the aforementioned Law No. 74 of 1936 as well as Regulation No. 25 of 1936 were abolished.