The executive regulation of the law establishing the general insurance fund for natural disasters of residential buildings was approved

According to the financial news report, according to the executive regulations of the law on the establishment of the general insurance fund for natural disasters of residential buildings, all residential and non-residential units with legal electricity distribution in areas where there is a possibility of any natural disaster, are covered by “basic insurance” natural accidents of the building” are placed. The classification of the areas subject to each of the possible risks of natural disasters subject to the law will be according to the table contained in this regulation. Other natural accidents, including subsidence and sinkholes, which are not mentioned in this regulation, but can potentially be covered by the “Building Natural Accidents Insurance Fund”, with the joint proposal of the country’s crisis management organization, the Ministry of Roads and Urban Development, and the Central Insurance of the Islamic Republic of Iran And after the approval of the majority of the ministers of the board of trustees of the fund, additions to the natural disasters subject of this regulation and subsequent changes of the related table will be notified in accordance with the updated information in compliance with the internal regulations of the government board.

The executive board of the aforementioned fund can gradually extend the insurance coverage of the fund to non-residential buildings after the approval of the board of trustees and the approval of the cabinet.

After the approval of the Board of Ministers regarding the provision of “Building Accidents Insurance Fund” insurance coverage to non-residential units, the rulings related to residential units in the text of this regulation will be extended to non-residential units as well.