Another Armenian Insurance Company Mika Reached The End


2007-03-06 15:51:00

Another Armenian insurance company Mika has reached the end. At the
today’s sitting of the Central Bank’s Council, it was declared that
the non- life insurance license issued to Mika on March 24, 1997 is
invalid. The company had no life insurance either.

Specialists of the Agency of Rating and Marketing Information said
that participants of the market have already expected an infamous
end of Mika company.

The company worked in conspiracy lacking any organizational procedures
and gave an impression of a "private business". However, it has had
big resources working in the market of tourist insurance and other
"ill-traced" fields.

With the closure of Mika, there are still 12 insurance companies
present in Armenia. The country’s insurance market lost 8 companies
in 2006. CB plays the role of a megaregulator, and its implementation
of the new insurance market conception cuts down the number of the
unfair players. It’s objective is further Armenian insurance market
up to the international and European functional standards.