Introduction
The “Establishment Act of Bimeh Markazi Iran & Insurance Operations” is the main legal framework governing the activity of the insurance industry and supervision authority in Iran. Although in the Establishment Act, the stable conditions governing the insurance industry are considered, the rapidly changing environment of economic activities requires flexibility and adaptability in the rules and regulations governing the insurance industry, especially in the current era for, to provide transformation in the insurance industry. Considering that more than half a century has passed since the approval of this Act and the new requirements that are imposed on the insurance industry from both the internal environment and the international environment, it is necessary to review it. In this review, the use of experiences and relevant international standard frameworks, as well as the experiences of insurance industry experts can be effective in reaching the desired model and targeted and effective reforms. Therefore, the purpose of this study is to identify the challenges and gaps of Act and review it to identify the solutions of the insurance industry administration in terms of laws and regulations.  
Methodology
This study was done based on Mixed Method by using survey through questionnaires and in-depth interviews with experts, to identify gaps and areas that need to be amended in the Establishment Act and main laws of the insurance industry. 10 interviews have done and the questionnaire that designed based on the opinions of experts and international insurance standards, has distributed between 52 senior managers of insurance industry and academic professors that received 25 answers. Data gathered from interviews and questionnaires have analyzed and important poins have extracted. 
 Results and Discussion
Drivers of changing the rules, Shariah dimension, legal dimension, executive dimension, organizational structure of the supervisory authority, budget of the supervisory organization, independency of the supervisory, structure of regulation and supervision and inhibiting factors have been counted as 9 main or axial codings of interviews. In analysis of questionnaires, maintaining the integrity of supervision and regulation in Central Insurance, amending the insurance laws, independency of supervisor, role of Reinsurance for Central Insurance, access and sharing of banking information and insurance records of policyholders between supervisor and insurance companies, Takaful, composition of members of the Supreme Council of Insurance and the authority of Council to update the laws, issuing joint insurance products with banks and improving the organizational performance of Central Insurance have been identified as the main issues of concern to the insurance industry. Also, maintaining and promoting competition and preventing fraud, ensuring the appropriate financial status of insurance companies to fulfill obligations to policyholders and other stakeholders, as well as using standard methods to determine capital requirements, supervising the arbitration system and dealing with disputes between the insurance company and agents, creating new institutions and mechanisms in the matter of risk trading in line with the development and emergence of new technologies and tools, helping to standardize data and processes, establishing data governance, guiding companies towards RegTech and using SupTech, and finally using all financial and spiritual capacities for development of insurance are among the most important duties of the insurance industry supervisor.
At the end, suggestions have been made to solve the aforementioned gaps and challenges and to improve the legal framework governing the Iran’s insurance industry. Recommendations of this study include compilation of necessary qualifications and term of office for director general of supervision authority (Central Insurance), diversifying the financing methods of Central Insurance in order to strengthen its independency, the mechanism of the cooperation and coordination of Central Insurance with other regulatory governing bodies, changing the composition of Supreme Insurance Council, developing plans and actions of the supervisor regarding new risks of technology and digital transformation, use of capital market capacity in risk transferring and prediction of of virtual insurance companies establishment, and the revision of the goals of the supervisory authority in the areas of prudential supervision and business supervision.