Iran has proposed managing the Strait of Hormuz through an insurance-based model, state media reported on Sunday.
Iran’s ‘Insurance Plan’ For Vessels
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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.”
