Financial Tribune - Insurance companies are facing restrictions for transferring risk to foreign reinsurance companies, though talks are underway with reinsurance companies in Azerbaijan, Russia and Syria, according to Mostafa Kiaei, CEO of Amin Reinsurance Company.

"Approximately $500 billion of country's resources are covered by insurance," he told a press conference, adding that "insurance companies need to transfer the risk outside the country," IRNA reported.

Kiaei said talks have been held with two Azeri insurance companies, saying that their representatives are to visit Tehran for further negotiations.