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(MoneyNewsWire.Net, June 27, 2015 ) 'Governance, Risk and Compliance - The Armenian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Armenia. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.
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The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
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Table of Contents:-
Table of Contents
1 Introduction
1.1 What is this Report About?
1.2 Definitions
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and market practice by Type of Insurances
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability
2.4.2 Aviation liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Central Bank of Armenia (CBA)
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Key highlights:-
The Armenian insurance industry is regulated by the Central Bank of Armenia (CBA).
FDI is permitted in the Armenian insurance industry up to 100%.
The Armenian government introduced export insurance on March 29, 2013.
The CBA does not permit the practice of composite insurance; however, reinsurers are permitted to engage in both life and non-life reinsurance business.
Non-admitted insurance is prohibited, however unlicensed reinsurers are permitted to engage in both life and non-life reinsurance business.
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