Iran has proposed managing the Strait of Hormuz through an insurance-based model, state media reported on Sunday.
Iran’s ‘Insurance Plan’ For Vessels
The model would allow Iran to retain control over the Strait, while also being acceptable to other nations during peacetime, Fars News Agency reported, citing a document obtained from the Ministry of Economy.
Under the proposed plan, the critical waterway would be managed through an insurance framework, allowing for the issuance of “marine insurance policies” and “certificates of financial responsibility.”
The plan would start with insurance covering risks such as inspection, detention, and confiscation, excluding damages from weapon strikes.
Officials involved in the project estimate that the platform could eventually generate more than $10 billion in revenue for Iran, according to the report.
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