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CB BOARD APPROVES MEMBERS OF MOTOR INSURERS BUREAU OF ARMENIA SELF-REGULATING ORGANIZATION
ArmInfo
2010-07-28 18:04:00
ArmInfo. At July 28 sitting the Board of the Central Bank of Armenia
(CBA) provided the status of a member of the union of legal entities
of the Motor Insurers Bureau of Armenia self- regulating organization
to the following insurance companies: INGO ARMENIA, Nairi Insurance,
Sil Insurance, Rosgosstrakh-Armenia, Garant Limens, Cascade Insurance
and PECO. The CBA press service told ArmInfo that the membership
fee is 15 mln AMD, and 10 mln AMD more will be paid by each member
of the Bureau for the current expenditures. Starting 1 January 2011,
the insurance companies will quarterly pay a fee worth 0.5% of their
insurance premiums collected over the previous year.
To note, the Motor Insurers Bureau of Armenia self-regulating
organization was registered by the CBA on 28 June 2010. This
organization and the guarantee fund have been set up for effective
operation of the motor third-party liability insurance (MTPL),
and coordination of the motor insurers' activity. In addition, a
centralized e-database on motor insurance, as well as an institute of
independent surveyors will be created. According to the preliminary
data, at least 5-6 large insurers are already ready to enter the
MTPL market.
The Law on Compulsory Motor Vehicle Liability Insurance will come
into force on Jan 1 2011. The Government has already approved the
concept of data transfer between the insurance register of the
Central Bank and the Armenian Police bases necessary for effective
activity of the given Law. The Law On OSAGO introduces the concept of
insurance agreement concluded for 3 months up to 1-year period (for
motor vehicles imported in the regime of temporary import or transit
the minimum term is 15 days). There are nearly 330,000 vehicles,
including 260,000 cars. 15,000 buses, 55,000 tracks in Armenia. The
average age of the vehicles in use in the country is 12 years by data
of 2007. By preliminary calculation the OSAGO market in Armenia is
estimated at US$35 million (based on 300,000 vehicles).
Ranking of Armenian Insurance Companies prepared by ArmInfo says
that as of April 1 2010 all the 10 operating insurance companies had
licenses for insurance of land transport and third party liability
insurance. The aggregate premiums of the 10 insurance companies
on these insurance lines for the first quarter of 2010 totaled 490
million drams.
From: A. Papazian
ArmInfo
2010-07-28 18:04:00
ArmInfo. At July 28 sitting the Board of the Central Bank of Armenia
(CBA) provided the status of a member of the union of legal entities
of the Motor Insurers Bureau of Armenia self- regulating organization
to the following insurance companies: INGO ARMENIA, Nairi Insurance,
Sil Insurance, Rosgosstrakh-Armenia, Garant Limens, Cascade Insurance
and PECO. The CBA press service told ArmInfo that the membership
fee is 15 mln AMD, and 10 mln AMD more will be paid by each member
of the Bureau for the current expenditures. Starting 1 January 2011,
the insurance companies will quarterly pay a fee worth 0.5% of their
insurance premiums collected over the previous year.
To note, the Motor Insurers Bureau of Armenia self-regulating
organization was registered by the CBA on 28 June 2010. This
organization and the guarantee fund have been set up for effective
operation of the motor third-party liability insurance (MTPL),
and coordination of the motor insurers' activity. In addition, a
centralized e-database on motor insurance, as well as an institute of
independent surveyors will be created. According to the preliminary
data, at least 5-6 large insurers are already ready to enter the
MTPL market.
The Law on Compulsory Motor Vehicle Liability Insurance will come
into force on Jan 1 2011. The Government has already approved the
concept of data transfer between the insurance register of the
Central Bank and the Armenian Police bases necessary for effective
activity of the given Law. The Law On OSAGO introduces the concept of
insurance agreement concluded for 3 months up to 1-year period (for
motor vehicles imported in the regime of temporary import or transit
the minimum term is 15 days). There are nearly 330,000 vehicles,
including 260,000 cars. 15,000 buses, 55,000 tracks in Armenia. The
average age of the vehicles in use in the country is 12 years by data
of 2007. By preliminary calculation the OSAGO market in Armenia is
estimated at US$35 million (based on 300,000 vehicles).
Ranking of Armenian Insurance Companies prepared by ArmInfo says
that as of April 1 2010 all the 10 operating insurance companies had
licenses for insurance of land transport and third party liability
insurance. The aggregate premiums of the 10 insurance companies
on these insurance lines for the first quarter of 2010 totaled 490
million drams.
From: A. Papazian