Members of the Iranian Parliament have approved a government bill to refer the dispute between the Iran Insurance Company and the Government of Bahrain to the International arbitration.
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Iran votes to refer Insurance dispute with Bahrain to international arbitration
IRNA , 10 Dec 2023 - 18:38
Reporter : Editorial of The Iran Project
Members of the Iranian Parliament have approved a government bill to refer the dispute between the Iran Insurance Company and the Government of Bahrain to the International arbitration.
According to The Iran Project,In an open session on Sunday, Parliament lawmakers approved the bill with 180 votes in favor and 27 votes against it.
In the single article of this bill, it is stated: Iran Insurance Company is allowed to implement Article (11) of the Agreement On Reciprocal Promotion And Protection of Investment Between The Government of the Kingdom of Bahrain and The Government of The Islamic Republic Of Iran to refer the dispute to arbitration.
Bahrain’s central bank had said on April 30, 2015, that it placed two subsidiaries of Future Bank and Iran Insurance Co. into administration to protect the rights of depositors and policyholders.
Story Code: 408497