ArmInfo. According to the amendments to the Law "On Insurance", the insurance contracts shall compulsorily indicate the behavior rules with respect to the consumers and the criteria of the services rendered to the consumers, as well as the admissible period for the customers to terminate the insurance contract, Deputy Chairman of the Central Bank of Armenia Nerses Yeritsyan said in Parliament on December 18.
He explained that if the insurer fails to observe the behavior rules and criteria stipulated in the contract, the customer has the right to file a complaint and the insurer will be punished.
In addition, the amendments say that the customer can terminate the insurance contract within 7 days without any payments.
To note, there are 6 companies on the insurance market of Armenia: Rosgosstrakh Armenia, INGO Armenia, RESO, Nairi Insurance, Armenia Insurance, Sil Insurance. The Armenian insurance companies operate in the non-life insurance segment.
The premiums of the Armenian insurance companies have grown over year by 3.5%, while the indemnities have dropped by 46.7%. By 1 October 2015, the aggregate amount of insurance premiums totaled 16 bln AMD, with the amount of indemnities totaling 9.6 bln AMD (the figures are mentioned in the statements of the insurance companies' portfolios by the Central Bank's standards). In Jan-Sept 2015, the insurance system of Armenia demonstrated a net profit of 2.4 bln AMD (16.4% year-over-year rise). Rosgosstrakh Armenia is the leader in terms of insurance portfolio and indemnities. (On Sept 30, 2015, the AMD/USD exchange rate was 473.71 AMD/$1).