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In 1960, the introduction of the
Insurance Firms and Agents Law No. 49 replaced the aforementioned law of 1936. By the time of the nationalisation of the industry in 1964, there were still just 15 branches and agencies of regional (Arab) and foreign insurance companies across Iraq. These included the
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Two pieces of legislation are noteworthy during this period, firstly the
Ottoman Commercial Law (9 August 1904), followed by the supplementary Ottoman Insurance Companies Act (1905). Despite these, there is no evidence to suggest commercial, institutional insurance activity was known in Iraq until at
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The current legislation is the
Insurance Business Regulation Law (2005) drafted under the guidance of USAID/BearingPoint Inc. It is difficult to get an accurate estimate of the size of the current industry in Iraq, but using gross written premiums as a guide, the 2013 figure was in the region of $
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The
Insurance Companies Act was brought into effect on 1 April 1936. It was the first Iraqi law passed to specifically regulate the industry. Egypt's Al-Chark Insurance Company (part of Misr Insurance since 2007) was the first to set up an agency in Transjordan towards the end of the 1940s and was
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as the head of the newly formed Iraqi
Insurance Organisation (abolished in 1988). Under the Baath Party in 1997, Law No. 49 (1960) was itself repealed handing the Iraqi Ministry of Finance the authority to oversee all insurance and reinsurance activities in Iraq. At this time, private insurance
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of
October 1922. Indeed, by 1928 only 3 insurance companies were known to be operating in Iraq, under the Ottoman laws, one of which was the General Accident Fire and Life Assurance Corporation (now Aviva Insurance Ltd.).
107:(whereby the ship master would take a loan and then use the ship itself as collateral against it) and is seen as an early form of merchant and marine insurance dating back to around 1772 BCE.
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through to the present day, by highlighting key events (such as the signing of treaties and laws), people and companies that influenced its formation and current shape.
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In 1966, two years after the nationalisation was completed, Clement
Shammas was appointed by Iraq's then Prime Minister
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companies were also allowed to form and the first such company, Dar Al-Salam
Insurance Co, was established in 2000
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300–480million (with $ 240–400 million from state-owned companies and $ 60–80 million from privately owned ones).
35:
445:
254:"Insurance: A brief history | The Actuary, the official magazine of the Institute and Faculty of Actuaries"
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Hanna Batatu, The Old Social
Classes and New Revolutionary Movements of Iraq, (London, al-Saqi Books, 2000)
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Basim A Faris, Insurance &Reinsurance in the Arab World (London: Kluwer
Publishing, 1983), p43.
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268:"The beginnings of insurance and regulation of insurance activity in Iraq – an overview"
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l Ittihad Al Watani (L’ Union Nationale), General Insurance Co for the Near East, S.A.L.
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acted as their first representative. Other insurance pioneers at this time included
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The Political Economy of Iraq: Restoring Balance in a Post-Conflict Society
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Foreign agencies and the birth of modern insurance in Iraq (1936-1964)
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368:"History of IRAQ: Insurance in IRAQ - in Arabic & English"
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Misbah Kamal. "Insurance Agencies in Iraq 1936". Academia.edu
333:"Misr Holding : Company Profile" (PDF). Misrholding.co
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8 London Provincial Marine & General Insurance Company
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Kamal, Iraq Insurance Monitor-Misbah (May 13, 2012).
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http://open_jicareport.jica.go.jp/pdf/1000008676.pdf
130:one of the first in Iraq under the 1936 law, where
74:and charts its history from the Babylonians of
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317:"Aviva Insurance Ltd - Heritage - Aviva plc"
196:15 National Insurance Company of New Zealand
392:http://pdf.usaid.gov/pdf_docs/pdaca883.pdf
184:11 Société l'Union des Assurances de Paris
214:Post-Baathist insurance (2003 - present)
46:of all important aspects of the article.
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145:Nationalisation of the industry (1964)
42:Please consider expanding the lead to
95:in Iraq can be traced to the ancient
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345:"Insurance Agencies in Iraq in 1936"
236:"Kaleidoscope of Insurance History"
190:13 American Life Insurance Company
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157:2 Compagnie Libanaise d’Assurance
140:Andrew Weir, 1st Baron Inverforth
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403:Gunter, Frank R. (2013-01-01).
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34:may be too short to adequately
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44:provide an accessible overview
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181:10 Guardian Assurance Company
160:3 Al-Chark Insurance Company
111:Insurance under Ottoman laws
91:Mechanisms for dealing with
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166:5 Arabia Insurance Company
172:7 Atlas Insurance Company
169:6 Royal Insurance Company
163:4 Misr Insurance Company
187:12 Provincial Assurance
202:Abdul Rahman al-Bazzaz
178:9 Sun Insurance Office
240:history.swissre.com
370:. August 29, 2008.
321:heritage.aviva.com
209:Present day market
118:Anglo-Iraqi Treaty
436:Insurance in Iraq
101:Code of Hammurabi
64:Insurance in Iraq
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70:industry in
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31:lead section
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136:Shafiq Ades
132:Edward Fram
97:Babylonians
76:Mesopotamia
430:Categories
284:2016-08-18
223:References
68:insurance
36:summarize
105:bottomry
99:and the
82:History
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278:(PDF)
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411:ISBN
138:and
93:risk
72:Iraq
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