Explore Iran, the best potential land for investment     7- Ownership of Real Property Foreign national may own or lease real property in Iran provided such property is for commercial or industrial use, or for a personal residence. Foreigners may not own agricultural lands. According to "The Regulations Concerning Acquisition of Property by Foreign Nationals in Iran", foreigners who wish to acquire a property in Iran should first refer to the local Registry Office, fill in the appropriate form(s) containing information regarding the particulars of the property, purpose of ownership and personal information. The form(s) is then transferred by the Iranian Land Registration Office to the ministry of foreign affairs for further consideration in accordance with the "principle of reciprocity". the final results and comments are declared to the iranian land registration office , through which the applicant will be accordingly informed in due course. Should the foreigner decide to terminate his residence in Iran, he must transfer his property, within six months from his departure to Iranians or to foreigners possessing licenses for ownership, otherwise the local Registration Office will sell the property by adjudication. This provision is reciprocal and will not be enforced unless the country of the foreigner in question has similar laws concerning foreign ownership of property.   8-Insurance Historical background of insurance in Iran goes back to 80 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 (Central Insurance of Iran) was passed in the Parliament. After the Islamic Revolution in 1979, the work permission of foreign insurance agencies in Iran has been withdrawn and ten of the insurance companies were merged in Dana Insurance Co. Bimeh Markazi Iran, while having the responsibility of regulating, supervising and promoting insurance business in Iran, is also the sole re insurer of the market and has a very reputable stand in the Middle East and various markets of the world. According to the Article 70 of the Law establishing Bimeh Markazi Iran while read as follows: "The following insurance business must exclusively be effected by insurance companies authorized to operate under this law: i) Insurance of movable or immovable properties existing in Iran. ii) Transport insurance for imported goods, the purchase agreement for which has been concluded in Iran, or for which the documentary credit has been opened in Iran. iii) Insurance relating to foreign workers and employees (with the exception of life insurance and personal injury insurance) for the duration of residence in Iran of such workers and employees. iv) Insurance relating to Iranian residents. The foreign investor may option all types of insurance coverage in Iran from four insurance companies: - Iran Insurance Company - Asia Insurance Company - Alborz Insurance Company - Dana Insurance Company   All the above insurance companies are supervised by Bimeh Markazi Iran. The insurance service in Iran is 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 licence form Bimeh Markazi Iran. Some of these agents, at present, proceed to issue policies on behalf of their companies. According to Article 71 of the same Law, all insurance companies operating in Iran are required to cede 25% of the total acquired policies in non-life and 50% in life insurance as legal cession (compulsory cession). Furthermore, the insurance companies are required to initially propose 30% of all their reinsurance contracts to Bimeh Markazi under the same conditions as those ceded to foreign reinsures; however, Bimeh Markazi has full authority to accept and / or decline such offers. The insurance companies in Iran are active in various fields in life & non-life according to the tariffs which are approved and ratified by High Council of Insurance.   The main types of the policies and coverage are as follows: 1-Fire and allied perils 2- Marine insurance (including full inland and air transport) 3-Motor insurance: 3.1 third party liability (compulsory coverage) 3.2 motor physical damage 3.3 new T.P.L. Policy according to the Islamic principles namely "DEYEH" 3.4 passenger accident of vehicles 4-Life insurance (term - endowment - whole life - annuity group and individual) 5-Personal accident (group and individual) 6-Aviation (hull - passenger - liability - cargo) 7-Engineering (including policies of Contractor All Risk (C.A.R.) and Erection All Risk (E.A.R.) and Computer coverage 8-Money in transit and safe 9-Comprehensive general liability 10-Health insurance (various schemes of hospitalization) 11-Off-shore and in-shore coverage 12-Export insurance (including commercial risk)