YEREVAN, AUGUST 30, NOYAN TAPAN. Taking into account the fact that Renaissance Insurance company's operating licence was suspended twice in 2006, the Central Bank of Armenia (CBA) Board on August 29 made a decision to cancel Renaissance Insurance's licence No. 0045 for non-life insurance and licence No.0007 for life insurance. According to the CBA press service, in order to protect the interests of insurees, Renaissance Insurance must terminate the insurance (reinsurance) contracts signed by the company or transfer insurance (reinsurance) risks to another insurer within 45 days after the above mentioned decision has taken effect. In accordance with Article 17, part 2 of the RA Law on Insurance, the natural and juridical persons that signed insurance (reinsurance) contracts with Renaissance Insurance, have the right to teminate these contracts ahead of time, following the indicated decision, and receive insurance (reinsurance) premiums for incompleted days. In the event that part of insurance (reinsurance) premiums cannot be repaid by the company, the insurees may apply to court with the request to confiscate these sums or recognize the company as insolvent. In case of accidents, Renaissance Insurance is obliged, by preliminary consent of the CBA, to pay insurance compensations envisaged by insurance (reinsurance) contracts, whose risks have not been transferred to another insurer.

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