Wednesday, November 14 2012 20:26

Prime Minister of Armenia: Armenia should start liberalizing MTPL market within the nearest future


ArmInfo. Armenia should start liberalizing the motor third-party liabilities insurance (MTPL) market within the nearest future, Prime Minister of Armenia Tigran Sargsyan said in the Parliament, Wednesday.

He said that the market must determine the prices. "This is our political decision," he said. The prime minister said that a report on application of MTPL in 2012 will be introduced, which will reflect the tariffs and profitability of the MTPL. He recalled that an authorized agency responsible for application of the given system must impartially inform the public of the situation in the sphere. The prime minister said that the result of MTPL application will be discussed in the parliament alongside with the issue of accumulative pensions to prevent risks and enhance economy.

MTPL was introduced in Armenia on Jan 1 2011. The Central Bank of Armenia took control over the insurance market on Jan 1 2006 on the basis of the system of united financial supervision. Ranking of Armenian Insurance Companies prepared by the Agency of Rating Marketing Information (ArmInfo) says 7 insurance companies of Armenia collected 23.8 bln drams premiums for the first half of 2012, with the share of MTPL being 10.1 bln drams. Insurance payments of Armenian insurers reached 6 bln drams in the first half of 2012, with the share of MTPL being 4.2 bln drams.
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