The transformations that the insurance industry across the world is undergoing have made the insurance regulatory authorities to feel the necessity of making changes. On the other hand, Iran insurance industry recently has encountered with many dynamics and transformations. Founding a new insurance company, scaling startup activities, digital transformations, and other relevant transformations has made the insurance industry policymakers and officials to reconsider the supervisory requirements and conditions for the new insurance market.

Given the significance of this issue, the Management Studies Desk of IRC has prepared a research report titled “Comparative Analysis of the Human Resource Structure and Regulations of the Insurance Supervisory Authority in Responding to the Development of Insurance Companies and Institutions”. Written by Dr. Shahin Tayyar, the report attempts to comparatively study and understand the optimal human resource and regulations adopted by the supervisory authority in challenging times.

In this study, in order to thoroughly understand the structure and regulations of the supervisory authorities of different countries, the human resources and the regulations of the insurance supervisory authority in 50 countries including 28 OECD member states and 22 non-OECD states have been examined. Using the results of a survey by Oliver-Wyman, the management consulting company, the recent new industry trends and their possible impact on the supervisory and regulatory procedures have been analyzed. The study also examines the governing conditions of the insurance supervision and regulations in future and the effect of the upcoming industry trends on the structure and management of the human resources by the supervisory authority.

Finally, according to the findings of the report, some recommendations are given with regard to the implementation of the optimal structure of the human resources and regulations by the supervisory authority: understanding the distinctive aspects of Iran’s present status with the international standards, differentiating the regulatory tasks from the supervisory tasks, examination of the details of the supervisory authority’s budget, consistent monitoring of the gross annual premiums of the supervisory authority staff, addressing the cons and pros with regard to the present structure of the supervisory authority, prioritizing the goals and missions of the supervisory authority, changes in the human resource structure and the regulations governing the insurance market, changing focus from supervision to activities, ensuring the healthy behavior of the companies, addressing the quality of the human resources (culture, behavior, and incentives), data governance and technical and knowledge infrastructures, reformation of the supervisory authority organizational chart, fostering the supervisory structures that support digitalization goals, creating data adequacy assessment centers, analytics and technological methods, upskilling and reskilling of the human resources, boosting the appeals of the supervisory authority jobs, fast flow of the information and technical knowledge across the board, and strengthening the software infrastructures and data storage space.

Those interested to access and download the Persian full text of the aforementioned research report, please take a visit to https://www.irc.ac.ir/fa-IR/Irc/4946/Articles/view/14643/1567.