Thursday, February 22 2024 18:08
Karine Melikyan

Motor Insurers` Bureau informs about need to indicate bank account  number in CMTPL agreements from April 1, 2024; what foreigners should  do not yet reported

Motor Insurers` Bureau informs about need to indicate bank account  number in CMTPL agreements from April 1, 2024; what foreigners should  do not yet reported

ArmInfo. From April 2024, the policyholders will be required to indicate the number of their bank  account (card or current), or the account of their authorized representative in the CMTPL (Compulsory Motor Third Party Liability) agreement. This is noted in the message of the Motor Insurers' Bureau of Armenia received by ArmInfo.

Accordingly, starting from April 1 of this year, when concluding a  CMPTL agreement, in the "Account number" column, it will be necessary  to fill in the number of the bank account owned by the policyholder  and opened in a bank operating in the territory of Armenia. Moreover,  if an insurance contract is concluded at the head office or branch of  an insurance company and a notarized power of attorney is provided  for the right to receive the amounts paid, instead of the  policyholders, the contract may indicate the bank account number of  the person authorized by them.

In connection with the abovementioned change in the format of the  CMTPL agreement, the Motor Insurers' Bureau  calls on all car owners,  if they do not have a bank account, to open one in any bank in  Armenia. The message also notes that the updated version will be  posted on the website of the Motor Insurers' Bureau  of Armenia in  the subsection "Bureau Rules" of the "Legal Acts" section.

Meanwhile, it is well known that recently cases of refusal to fulfill  CMTPL agreements (insurance compensation) by insurance companies have  become more frequent when it comes to non-residents entering Armenia  who purchased policies using foreign bank cards when entering the  country. As one of the insurance companies told ArmInfo, such cases  do not happen often and most likely are not related to the technical  problem of paying for compensation. Until a decision is made  regarding non-residents, insurers will adhere to the old rules when  working with them, if we are talking about vehicles with foreign  license plates. The Motor Insurers' Bureau  told ArmInfo that the  problem of providing CMPTL policies to non-residents is still being  considered; there is a draft solution that is currently being worked  on.

As ArmInfo was told in one of the companies, this procedure had  already been initiated firstly, in connection with the law adopted in  the country on limiting cash payments and, secondly, to avoid  confusion with bank accounts when making insurance payments.

According to the Motor Insurers' Bureau , there were 667.402 thousand  vehicles with CMPTL agreements in Armenia at the end of 2023, the  number of which increased over the year by 10% or by 60.806 thousand  agreements. The number of CMTPL agreements concluded in 2023 exceeded  1.3 million, with a y-o-y growth of 12%. Under these contracts,  premiums worth 27.2 billion drams were collected, with a y-o-y growth  of 2.6%.

It is worth noting that the excess of the number of contracts over  the number of vehicles is explained by the large number of quarterly  (short-term) contracts. Over the year the share of E-policies in the  total number of CMTPL agreements concluded, increased from 24% to  25%. 

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