Fact sheet - Insurance regulatory environment in Iraq

This whitepaper was written in an attempt to highlight the insurance regulatory environment in Iraq.
The aim of it is to depict the local mandates and rules that govern the insurance industry in Iraq in a high level approach to envisage those requirements to different stakeholders or potential investors who could enter the local market.

Deloitte ME: 2018 Point of View

Since the release of Insurance Law no.10 in 2005, the Iraqi Insurance Bureau has circulated several instructions in an attempt to ease the implementation of the law. Our intent here is to provide insight into the new regulations for the benefit of CEOs, CFOs, investors, auditors, and others who might have an interest in learning or even entering the insurance market in Iraq.

Types of insurance licenses

Law no. 10 of 2005 charted prerequisites for registering insurance companies in Iraq; it also outlined requirements for granting licenses to operate which are subject to annual renewals.
Following this, Instruction no. 9 of 2006 sanctioned two main types of insurance licenses to be granted:

Bahaa Arnouk

Fact sheet – Insurance regulatory environment in Iraq