The Effect of Insurance Dissolution on the Insurance License

Document Type : Original Article

Authors

1 Professor of Law, Faculty of Economics and Social Sciences, Shahid Chamran University of Ahvaz, Iran

2 M.A. in Private Law, Shahid Chamran University of Ahvaz and Attorney at Law, Ahvaz, Iran

Abstract

In order to doing insurance activities and registration the insurance institutions, getting assurance license is necessary. It's probable that with starting of these activities, the insurance institution break up. Breaking up of these institutions that are in the form of joint stock partnerships, it follows from central insurance institute formation Act 1350 and the amendment bill part of trade Act 1347. The license of assurance being invalid with breaking up of institute. In breaking up according to the article 199 of the amendment bill part of trade act 1347, the license of assurance until termination the juristic personality is valid and after that is invalid, because until termination, the institute has juristic personality. But in breaking up due to bankruptcy of insurer, the license of insurance be invalid (declared invalid) by central insurance organization, before of passing verdict of bankruptcy. When breaking up occurs because of fusion and scission, the reference official that author fusion and scission, at the same time of authoring, revoked the license of assurance. Revocation of license of assurance in all insurance activities is one of the breaking up causes of the institution, that in this situation, all of the rights and promises of the institute will transfer to the Iran insurance company.

Keywords

Academic Journal of Knowledge and Research of Law
Volume 4, Issue 1
September 2018
Pages 101-130

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