Saturday, September 11 2010 12:46

Armenian Central Bank not to allow spreading of forged MTPL policies


ArmInfo. The Central Bank of Armenia will not allow spreading of forged Motor Third Party Liability (MTPL) policies, Vahe Vardanyan, the head of the Financial System Policy and Financial Stability Department of the Central Bank of Armenia, said during a workshop on MTPL.

He said that it will be hard for road policemen to say if policies is forged by seeing just insurance notes on cars' windshields. In the CIS, particularly, in Kazakhstan, over 40% of policies are forged.

In order to prevent this practice, the Auto Insurers Bureau is creating a unified database for all registered vehicles. The system will allow road policemen to check up online if drivers have insurance policies or not.

Vardanyan said that the CB is also planning to send a group of its experts to Germany so they can study different types of insurance fraud.
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