The insurance industry in Iran had barely started in 1960, and had a negligible role in the accumulation of funds to finance development, largely because insurance was not used by most of the population. On 25 June 1979, the revolutionary government announced the nationalization of all insurance companies. Under a 1971 Act of Parliament, all companies operating in Iran must cede 25% of total acquired nonlife business, and 50% of life business, to Bimeh Markazi Iran, the Central Insurance Co. of Iran. The company writes all classes of insurance and reinsurance. In 2001, there was $72 million of life insurance premiums written.