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.

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