Tuesday, January 18 2011 17:08
Every day Armenian insurers conclude almost 10,000 motor third party liability insurance contracts
ArmInfo. Since Jan 1 2011, when the law on motor third party liability insurance took force, Armenia's insurance companies have concluded almost 7,000-10,000 motor third party liability insurance contracts a day.
Head of the Financial System and Financial Stability Department of the Central Bank of Armenia Vahe Vardanyan says that over 265,000 cars or 65% of their total number have already been insured. By the end of Jan this figure will reach 80-85%.
According to the CB, since the enactment of the law, Armenia's insurance companies have registered 1,200 road accidents (phone applications), of which 350 were written applications. In 120 cases the parties came to terms on the scene by signing special coordinated declarations. "The process of introduction of motor third party liability insurance in Armenia is developing well. We have got certain problems but we are try to solve them as quickly as possible," says Vardanyan.
The maximum amount paid on the basis of a coordinated declaration is 200,000 AMD.
The law on motor third party liability insurance took force Jan 1 2011. Those having no such policies will have to pay 50,000 AMD fine.
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