Historical background of insurance in Iran goes back to 90 years ago when two Russian companies ventured to open
their branch offices, and following that Iran Insurance Company was established as the first independent and state
owned insurance market. In the early 1970s many new insurance companies were established and at the same time
the law establishing Bimeh Markazi Iran (BMI) or in English Central Insurance of Iran was passed in the parliament.
All the Iranian insurance companies are supervised by Bimeh Markazi Iran. The Insurance service in Iran also
presented by insurance agents and brokers both of which are authorized to act in the market after passing the
relevant tests and receiving the license from Bimeh Markazi Iran. Some of these agents, at present, proceed to issue
policies on behalf of their companies. Currently, there are one non-private and twenty-one private companies in Iran.