Wednesday, January 18 2012 12:36

Complaints to financial ombudsman compensated mostly by banks and insurance companies


ArmInfo. Complaints to the financial ombudsman's office for Nov 2011 were compensated mostly by banks and insurance companies. In Nov 2011 compensations totaled 7.2 million drams, the Financial Ombudsman's press-service told ArmInfo. In particular, banks recompensed 5.1 million drams, insurance companies - 1.4 mln drams, bureau of car insurers - 565.6 thousand drams, and pawnshops - 120,000 drams.

According to data provided by the financial ombudsman of Armenia, compensations paid for 10 months of 2011 totaled 33.6 mln drams, with insurance companies paying 43% of total compensations, loan companies - 33%, banks - 20% and pawnshops - 3%.

In Dec 2011 the Financial Ombudsman's Office received a total of 68 complaints, with 62 complaints being against financial organizations. Out of those 68 complaints, 24 were not subject to consideration on the basis of the Law On the Ombudsman of the Financial System. Another 5 were satisfied by financial organizations on the basis of customers' application. 15 are under consideration of the financial ombudsman (13 complaints were against insurance companies and bureau of car insurers, and 2 were against banks). Out of 13 complaints against insurance companies and bureau of car insurers 10 were on motor third party liability insurance, 1 - medical insurance, 1 - transport means insurance, and 1 property insurance. One of the complaints against banks was a loan translation and the other was a deposit.

The services of the financial ombudsman are available in Armenia since 2009 free of charge. The Financial Ombudsman's Office is funded by financial organizations.
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