Press TV - Iran�s main insurance agency says compensations that should be paid over a recent plane crash near the capital Tehran which was caused by human error in the country�s defense system could amount to $150 million.

Gholamreza Soleimani, who serves as the president of the Central Insurance of Iran, said on Monday that Iran would show a good level of cooperation with Ukraine, the country which owned the Boeing 737-800 that was shot down on January 8, on compensation settlement issues related to the incident.

His deputy had said that damages that should be paid over the plane crash, which left 176 people killed, could reach $100-150 million.

Ghlomaali Jahangiri said�on Sunday�that compensation to the families of the passengers and the crew and damages related to the cargoes would amount to $24 million while Iran should consider paying around $70 million for the downed Ukrainian jetliner itself.

The incident came hours after Iran fired ballistic missiles at two American military bases in neighboring Iraq to respond to the US assassination of a senior Iranian military commander in the Arab country earlier this month.

Iranian military forces have accepted full responsibility for the mistake, saying it was largely unavoidable due to high tensions that existed at the time.

Ukraine International Airlines has indicated that it would pay 200,000 hryvnia ($8,350) each to the families of those who died in the plane crash although Kiev authorities have said that they expect Iran to burden much of the compensation.

Most of those killed on board the plane were people who were returning to Canada for either work or study after spending their winter holidays in Iran.