SEVERAL FOREIGN LEADING INSURANCE COMPANIES TO ENTER ARMENIAN INSURANCE MARKET IN 2008
Noyan Tapan
Jul 30, 2007
YEREVAN, JULY 30, NOYAN TAPAN. It is expected that leading foreign
insurance companies will function from 2008 on the Armenian insurance
market. The Central Bank of Armenia (CBA) has reached preliminary
agreements about that.
Tigran Sargsian, the Chairman of the Central Bank of Armenia, reported
this on July 27.
In his words, in all probability, a British insurance company
will be the first to work on the Armenian insurance market. "It is
desirable that the first company be from Great Britain, as CBA’s
risks are insured at that country’s insurance company. In addition,
that country is a world financial center, and Armenia has ambitions
to become a regional financial center," the CBA Chairman said.
According to him, by the adoption of the new law "On Insurance," the
limitations of foreign companies’ participation in Armenian insurance
companies’ capital were liquidated. In T. Sargsian’s opinion, the
interest of foreign insurance companies in the Armenian insurance
market will increase abruptly, when only insurance companies meeting
the requirements of the above mentioned law function in Armenia.