A Review on the Establishment of Taavon Insurance Company
The entry of the cooperative sector into the activities of bank and insurance and its progression to monetary and financial markets of the country is one of the most valuable achievements of the general policies of principle 44. Besides this issue, the patronage of the Supreme Leader and his emphasis on enacting the communicative policies have created a great opportunity for the development of the cooperative sector of the country, optimal use of which can fulfill one of the long-term aspirations of cooperative sector. Establishing Taavon Insurance Company as the first insurance company in the cooperative sector of the country and its operation, which began with the support of the Ministry of Cooperatives in 2007, is one of the most important measures of this sector in implementing the announcements made by the Supreme Leader.
In this regard, the Board of Founders of Taavon Insurance Company was formed in 2008 with the membership of 50 companies, cooperative unions, and provincial investment companies. It has commenced its activities since then based on a timetable and a plan developed to obtain the approval from Central Insurance of I.R.I and to establish the company. The founders advanced the affairs related to the establishment of the company in more than 22 meetings held with the participation of founders' representatives and 220 hours of coordinated work by making use of the knowledge and experience of a team of experts on the rules and regulations of insurance, establishing the secretariat company, completing the documents related to the founders, designing and launching the information base, developing the statutes and the master plan of the ongoing operations. The first comprehensive assembly of founders of Taavon Insurance Company was held on Oct 27th, 2008 in Tehran with the participation of cooperative unions and companies from all over the country and in the presence of the Deputy Minister of Cooperatives. In this meeting, experts and specialists elaborated on the characteristics of the insurance market and the available opportunities in the cooperative sector and the founders presented their proposals and recommendations. Mr. Gharib Reza, the deputy Minister of Cooperatives, expressed his satisfaction with how the cooperative companies welcomed and contributed in founding Taavon Insurance Company. He also maintained that such investments are highly influential in enhancing local economy and popular activities. After the first assembly of founders, the required documents and the relevant forms were collected, completed and submitted to the Central Insurance of I.R.I by the secretariat company. The documents were examined in the mutual meetings with the insurance experts of Central Insurance of I.R.I and consequently the approval of Central Insurance of I.R.I regarding the combination of the founders, the process of the work, presentation of the operational plan and the statute was announced in the letter No. 40293 on Feb 7th, 2009. It was considered a blessing to all the co-operatives of the country in the thirtieth anniversary of the glorious Islamic Revolution.
Taavon Insurance Company has started its operations since 2007, aiming to involve the cooperative sector into the activities of the bank and insurance, and getting into the monetary and financial markets of the country and implementing general policies of principle 44.
The company was registered by the Stock Exchange on Dec 26th, 2012 under No. 433049 after obtaining authorization from the Central Insurance of I.R.I and the Ministry of Cooperatives, Labor and Social Welfare, as well as the Securities and Exchange Organization.
Taavon Insurance Company (Public Joint Stock) achieved the license of various types of property, liability, and individual insurance on July 11th, 2013 based on the "Law on the Establishment of Non-Governmental Insurance Companies" and "The Law on the Establishment of the Central Insurance of I.R.I and Insurance" and the approval of the Supreme Council of Insurance and the approval of the General Assembly of the Central Insurance of I.R.I.
Genuine Service: The main goal of Taavon Insurance Company
Taavon Insurance Company is trying to take steady steps in the industry and provide desirable service by employing top managers and experts, providing a platform for technical, specialized and experimental services, and by prioritizing customers' needs.
In addition to common insurance, Taavon Insurance Company is able to provide consultation on a variety of insurance coverages required by the insurers as well as devising and submitting novel insurance products.
Address: Tehran Province, Tehran, District 6, No. 22, Qaem Maqam-e-Farahani, No. 6th
Tel: +98 21 42086