Thursday, January 13 2011 18:52

Bureau of Auto Insurers of Armenia prohibits use of discounts for motor third party liability insurance policies


ArmInfo. The Bureau of Auto Insurers of Armenia has prohibited the use of discounts for motor third party liability insurance policies.

Executive Director of the Bureau Vahan Avetisyan says that the companies that will try to promote their products by providing discounts will be punished.

The Bureau of Auto Insurers of Armenia was registered by the Central Bank of Armenia June 28 2010 and is designed for promoting motor third party liability insurance and coordinating the activities of auto insurers.

To recall, Armenian insurers started selling MTPL policies starting 18 Oct 2010. The Law on MTPL will come into force on 1 Jan 2011. According to the tariff plan worked out by the Motor Insurers Bureau and approved the Central Bank of Armenia, the minimum amount of the insurance premium is 18634 AMD, and the maximum one is 110313 AMD. A total of 567 road accidents were registered since the launch of MTPL in Armenia. Experts estimate the MTPL market volumes in Armenia at 13-14 bln AMD ($38 mln).
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