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Introduction of Mandatory Vehicle Insurance to Become Important Step for Insurance Market Development in Armenia
Source: panarmenian.net
Source Date: Monday, October 18, 2010
Focus: Institution and HR Management
Country: Armenia
Created: Oct 24, 2010

Chairman of the Central Bank of Armenia (CBA) Arthur Javadyan said that the CBA, being a mega regulator of the financial market, implements reforms in the banking, insurance and securities markets.

“The reforms can be considered from two points of view – provision and modernization of the future functional system, as well as implementation of measures on facilitation of integration into international community,” Javadyan told all-Armenian conference of bankers and financiers in Yerevan.

He referred to works aimed at development of the country’s mortgage market, including establishment of the National Mortgage Company UCO, which focused on development of the secondary mortgage market in the country.

“The banking system is the most developed part of Armenia’s financial market, thus, the CBA’s efforts were aimed at establishment of the insurance and securities market over past years,” added Javadyan.

He pointed to introduction of the first type of mandatory insurance in Armenia, specifically, adoption of the Law on Mandatory Vehicle Insurance (OSAGO), which will come into force from January 1, 2011. According to Javadyan, the introduction of OSAGO will become an important step for further development of the insurance market in Armenia.

“Active works are carried out for introduction of the funded pension system, as well as formation of the legislative field for pension and investment funds activity,” said Javadyan, adding that the law on introduction of voluntary and compulsory funded pension systems is already developed, while the systems will be introduced from 2011 and 2014 respectively.

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