A large number of European insurance companies have shown their willingness to cooperate with their Iranian counterparts after Tehran and the six world countries struck an agreement in Vienna on July 14.
"Many insurance companies from Germany and France have already applied to cooperate with Iran's insurance companies," Deputy Head of Iran's Central Insurance Company for reinsurance affairs Mina Sediq Nouhi said on Sunday.
She noted that according to the Joint Comprehensive Plan of Action (JCPOA) between Iran and the Group 5+1 (the US, Russia, China, France and Britain plus Germany) the European companies will be able to provide the needed insurance coverage for the National Iranian Oil Company (NIOC).
The official said that removal of sanctions will help Iran's insurance firms to go back to its past conditions, adding, “The contents of the JCPOA are such that they cover all aspects of sanctions against Iran's insurance industry.”
On July 14, Iran and the G5+1 struck a final nuclear agreement based on which Iran and the six world powers agreed that all economic and financial sanctions against Iran will be removed through a UN Security Council resolution.
Moreover, all bans on Iran's Central Bank, shipping, oil industry, and many other companies will be lifted.
Iran and the six world powers struck a deal in Vienna on Tuesday.
The hitherto elusive agreement was finally nailed down on Tuesday in the ritzy Palais Coburg Hotel in the Austrian capital of Vienna, where negotiators from Iran and the six other countries had recently been spending over two weeks to work out the remaining technical and political issues.
The agreement, the Joint Comprehensive Plan of Action (JCPOA), will be presented to the United Nations Security Council (UNSC) on Monday to adopt a resolution in the following two days to make the JCPOA an official document.