SEVERAL FOREIGN LEADING INSURANCE COMPANIES TO ENTER
ARMENIAN INSURANCE MARKET IN 2008
30-07-2007 16:45:00 | Armenia | Economy
YEREVAN, JULY 30, NOYAN TAPAN. It is expected that leading
foreign insurance companies will function from 2008 on the
Armenian insurance market. The Central Bank of Armenia (CBA) has
reached preliminary agreements about that. Tigran Sargsian, the
Chairman of the Central Bank of Armenia, reported this on July
27.
In his words, in all probability, a British insurance
company will be the first to work on the Armenian insurance
market. "It is desirable that the first company be from Great
Britain, as CBA's risks are insured at that country's insurance
company. In addition, that country is a world financial center,
and Armenia has ambitions to become a regional financial
center," the CBA Chairman said.
According to him, by the adoption of the new law "On
Insurance," the limitations of foreign companies' participation
in Armenian insurance companies' capital were liquidated. In T.
Sargsian's opinion, the interest of foreign insurance companies
in the Armenian insurance market will increase abruptly, when
only insurance companies meeting the requirements of the above
mentioned law function in Armenia.