Wednesday, July 25 2012 17:22
79.7% of compensations paid through mediation of Armenia's Financial Ombudsperson fell on insurance companies
ArmInfo. Over the first half of 2012, compensations worth a total of 42.6 mln AMD were paid to the consumers of financial services through the mediation of Armenia's Financial Ombudsperson. The Office of the Armenian Financial Ombudsperson told ArmInfo that nearly 79.7% or 33.9 mln AMD fell on the insurance companies, 14.9% or 6.3 mln AMD - on the banks, 4.1% or 1.8 mln AMD - on the Motor Insurers' Bureau, 1.3% or 546.2 thsd AMD - on the credit companies (this amount was paid only over Q2 2012).
The total number of complaints against the financial organizations was 593 over the first half of 2012, 160 of them were admitted to examination on the basis of written request. Of the total number of complaints considered by the Financial Ombudsperson over the first half of 2012, 113 were against insurance companies. Over the period under review, the Financial Ombudsperson also considered 40 complaints against the banks, 4 against the Motor Insurers' Bureau, 2 against the credit organizations and 1 against the pawn office.
The total number of complaints completely considered over the first half of 2012 was 85, of them 30 were upheld through reconciliation, 21 were rejected, 19 were upheld partly, consideration of 8 was stopped, 6 were upheld completely, and 1 was denied consideration.
Over Q2 2012 the compensations paid to the consumers of financial services through the mediation of the Armenian Financial Ombudsperson totaled 32.2 mln AMD, 26.3 mln AMD of them (81.8%) fell on the insurance companies, 4 mln AMD (12.4%) - on the banks, 1.3 mln AMD - the Motor Insurers' Bureau, 546.2 thsd AMD - credit organizations. The number of complaints against the financial organizations was 344 over Q2 2012, of them 236 were subject to consideration on the basis of the Law "On the Ombudsperson of the Financial System", 4 complaints were upheld by the Financial organization, 114 were admitted to examination.
Of the total number of complaints admitted to examination over Q2 2012, 88 were against the insurance companies and the Motor Insurers' Bureau, 25 against the banks, 1 against a credit company. 71 complaints were completely considered over Q2 2012, of them 27 were upheld through reconciliation, 18 were upheld partly, 14 were rejected, 6 were upheld completely, 6 were denied consideration.
To note, the services of the Financial Ombudsperson's Office, which has been operating in Armenia since early 2009, are provided free of charge. The financial organizations themselves pay for the activities of the Office.
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