SYSTEM OF COMPULSORY INSURANCE OF LIABILITY OF VEHICLE OWNERS TO THIRD PERSONS TO BE INTRODUCED IN ARMENIA FROM EARLY 2008
Jul 30, 2007
YEREVAN, JULY 30, NOYAN TAPAN. It is envisaged that starting from
January 1, 2008, the system of compulsory insurance of liability
of vehicle owners to third persons will be introduced in Armenia,
the chairman of the Central Bank of Armenia (CBA) Tigran Sargsian
stated on July 27.
In response to NT correspondent’s question, he said that the projects
aimed at introducing the system are developed jointly with the RA
Police and implemented in accordance with the concept approved by
the CBA Board.
According to the speaker, an insurance register and a single database
of accidents (all insurance companies will have to record their
data in it) will be created by late 2007. "After this, it will be
stipulated by law when compulsory insurance of liability of vehicle
owners will take effect so that participants of the insurance market,
as well as vehicle owners will prepare for it," T. Sargsian noted.
In his words, insurance companies will have to inform the public
about these insurance tariffs, and they will be punished in case of
deviating from the published tariffs.