5 LICENSE COMPANIES DEPRIVED OF THEIR LICENSES

Panorama.am
17:05 08/06/06

Five Armenian insurance companies, Yerashkhik, Avuar, Goba, Ermed and
Inorient are deprived of their licenses to engage in insurance. Such
decision was reached at the council of Central Bank, CB press services
report.

According to the decision, the companies were discharged from insurance
because they violated insurance law of the republic. For example,
the license of Yerashkhik was cut because it has violated the minimal
capital requirements and failed to pay state dues on license. Another
company Goba did not submit to CB documents confirming contribution
to minimal capital.

Those entities that have concluded contracts with any of the 5
companies may terminate they contracts and receive the insurance
sum back.

At the moment 18 insurance companies operate in Armenia.