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%.
