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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Iran oil imports: Insurers still want sovereign fund

Posted on 02 December 2013

Indian insurers still want the sovereign fund, meant to protect the domestic refiners using Iranian crude oil, to be set up. This is despite India getting waiver from the West on tough economic sanctions for doing business with Iran.
“Unless the European and American companies are allowed to undertake re-insurance of Indian purchases, the need for putting together a domestic arrangement in India does not go away,” G. Srinivasan, Chairman and Managing Director, New India Insurance, said. India had decided to set up a fund to back domestic insurers covering refineries dependent on Iranian crude oil………………………………Full Article: Source


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