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5 License Companies Deprived Of Their Licenses

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  • 5 License Companies Deprived Of Their Licenses

    5 LICENSE COMPANIES DEPRIVED OF THEIR LICENSES

    Panorama.am
    17:05 08/06/06

    Five Armenian insurance companies, Yerashkhik, Avuar, Goba, Ermed and
    Inorient are deprived of their licenses to engage in insurance. Such
    decision was reached at the council of Central Bank, CB press services
    report.

    According to the decision, the companies were discharged from insurance
    because they violated insurance law of the republic. For example,
    the license of Yerashkhik was cut because it has violated the minimal
    capital requirements and failed to pay state dues on license. Another
    company Goba did not submit to CB documents confirming contribution
    to minimal capital.

    Those entities that have concluded contracts with any of the 5
    companies may terminate they contracts and receive the insurance
    sum back.

    At the moment 18 insurance companies operate in Armenia.
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