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History of the ECO College of Insurance

Given the importance and role of insurance in development of states, and thanks to the efforts of the then managers of the insurance industry in 1969, Tehran College of Insurance (TCI) was established as a non-profit institute and had its statute approved by the Ministry of Science, Research and Technology of Iran (MSTR). TCI started to enroll Bachelor's students in Insurance Management early in 1970.

From the beginning of its establishment, TCI was split into two parts: English and Persian, with the English section being named the International College of Insurance. As suggested by the board of directors of RCD's reinsurance fund and approved by the three states' Council of Ministers (CoM), this part of the TCI started its activity in the form of the Regional Cooperation for Development Organization (RCD) aiming at training insurance experts for the then three ECO member states, i.e. Iran, Turkey and Pakistan. Apart from the MSRT, the College was also approved by Pakistan's Ministry of Education and Turkey's Ministry of National Education. Having its headquarter in Tehran, RCD cooperated with the London Chartered Insurance Institute, the New York College of Insurance, and universities of Tehran, Karachi and Istanbul. RCD's medium of instruction was defined as English, thereby helping it enroll students from all states.

RCD was active until the 1979 Glorious Revolution of Iran when it was closed for a few years. However, it resumed its activities since 1985 as the Economic Cooperation Organization (ECO). With the establishment of ECO, the need for reviving RCD, as a good place for regional cooperation and training insurance expert for the region, was felt and underlined. Therefore, with the agreement of the officials of ECO member states and through the consent of MSRT's Council of Higher Education, RCD's statute was replaced with a new one in 1990. Therefore, name of the institute changed to ECO College of Insurance (ECOI) and it was affiliated to Allameh Tabataba'i University (ATU).

ECOI started to admit Bachelor's degree students in Insurance Management from September 1991. ECO's then Secretary General announed the re-opening of ECOI in the first meeting of ECO's CoM in May 1991, and the then Iranian President expanded on the subject in the second ECO Summit in 1993 in Turkey. It was in the fifth session of ECO's CoM held in the January of 1995 in Ashgabat, Turkmenistan, that ECOI's statute was passed, thereby approving ECOI to do its activities, as a subset of the ECO, in Allameh Tabataba'i University. Then, more than 50 academic and administrative posts were defined in ATU's chart as the staff to work in ECOI.

In 2003, ECO's CoM appointed a group to analyze the institutes affiliated to ECO and offer solutions for empowering them. The group then pointed to the lack of related education in the region and suggested the ECOI statute to be revised and be changed to an international acaedmic institute. Then, different representatives from ECO member states discussed the latered draft of the statute and the new statute passed in 15 articles on 20 October, 2007, in Herat, Afghanistan, by ECO's CoM. The original copy in English was given to Iran, and Iran sent the approved copies to ECO member states and ECO's Secretariat.


Some of the Achievements of ECOI

  • Establishing graduate courses
  • Receiving international academic scores
  • Offering scholarships to ECO member states' applicants
  • Holding seminars
  • Motivating students to do academic activities
  • Establishing a specialized library
  • Receiving appreciations from insurance-related institutes and organizations


Board of Trustees

The RCD's Board of Trustees included:

  • Chairman of the Board of the National Iranian Oil Company;
  • President of University of Tehran;
  • Six members from RCD's Reinsurance Fund, including two Iranian individuals (Chairman of the Central Insurance of Iran, and Head of Iran Insurance Company);
  • RCD's Secretary General;
  • A representative from MSRT;
  • RCD's Head.


The ECOI's Board of Trustees (passed in September 2007), including nine individuals, five of whom are Iranian, includes:

  • Minister of Science, Research and Technology or his/her representative;
  • ECO's Secretary General;
  • President of Allameh Tabataba'i University (ATU);
  • Dean of the ECOI College, as the Chairperson of the Board of Trustees;
  • Three representatives from ECO member states, introduced by the states and appointed by ECO's CoM for two years;
  • Permanent representative of Islamic Republic of Iran in ECO;
  • And a university-representative selected by College Dean.