Mher Grigoryan appointed member of ERC Board of Managers

ArmInfo.Armenia's Premier Nikol Pashinyan has signed a decree appointing Vice-Premier Mher Grigoryan a member of the Board of Managers of the Eurasian Reinsurance Company (ERC). 

The agreement on the establishment of the Eurasian Reinsurance  Company (ERC) was signed in Yerevan on October 20, 2022 following a  meeting of the Eurasian Intergovernmental Council by the heads of  government of the EAEU member states.

As RA Minister of Economy Vahan Kerobyan previously stated, the ERC  is being created as an international financial organization with  appropriate regulations by five countries - Armenia, Russia, Belarus,  Kazakhstan and Kyrgyzstan. The company will provide insurance support  in mutual trade, stimulate the development of investment cooperation,  provide export loans and interaction with credit agencies and  insurance companies. The agreement was developed in the format of a  multilateral international treaty, allowing it to have a status open  to accession by other participants. The authorized capital of ERC  will be 15 billion Russian rubles. Armenia's share will be 3% or 450  million rubles. The company is also granted privileges and benefits,  its income, property and other assets, as well as operations and  transactions are exempt from taxes, fees, duties and other payments.

The minister emphasized that the ERC head office will be located in  Yerevan, which will be a very serious achievement for the country.  Kerobyan noted that after February 24, 2022, a number of  international reinsurance companies refused to insure cargo heading  from Armenia to Russia, which led to difficulties for Armenian  exporters. The creation of the EPC will solve this problem and lead  to the emergence of an additional instrument for reinsurance of risks  of the export insurance agency of Armenia, created in 2013 with an  initial authorized capital of 1.950 billion drams. Currently, the  authorized capital of the Armenian company is 2.5 billion drams. In  2020, transactions worth 20 billion drams were insured, and a year  later - for 36 billion drams. However, in 2022 there was a decline  due to the departure of international reinsurance companies.